US Mortgage Activity Declines as Borrowing Costs Edge Higher
Homes in Hercules, California, US.
Photographer: David Paul Morris/BloombergUS mortgage activity declined last week as home-financing costs continued to tick higher, adding to evidence of a struggling housing market.
A Mortgage Bankers Association composite measure of applications to purchase or refinance a home dropped 5.2% to a four-week low in the period ended Nov. 14. The contract rate on a 30-year mortgage edged up 3 basis points to 6.37%, according to the data released Wednesday.