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Mortgage apps down last week

WASHINGTON -- Mortgage applications in the United States dropped last week as fewer homeowners sought to refinance their properties.

The Mortgage Bankers Association’s index fell 2.2 percent in the period ended Nov. 16, the Washington-based group said Wednesday.

The refinance gauge decreased 3.2 percent, and the purchase measure rose 2.7 percent to reach a five-month high.

The average rate on a 30-year fixed loan climbed to 3.54 percent from the prior week’s 3.52 percent, which was the lowest in records dating back to 1990.

Borrowing costs on a 15-year fixed mortgage increased 0.1 percentage point to 2.89 percent.

The share of applicants seeking to refinance a loan declined to 80.7 percent from 81 percent the prior week.

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