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Mortgage apps drop

WASHINGTON -- Mortgage applications in the United States declined as fewer Americans refinanced their homes.

The Mortgage Bankers Association’s (MBA) index decreased 2.7 percent in the period ended Aug. 8 after a 1.6 percent advance in the prior week, the trade group reported Wednesday.

The refinancing gauge slumped 4 percent to the lowest level since the week ended May 2 following a 3.8 percent gain in the prior period.

The purchase applications measure decreased 1 percent after a 1.3 percent decline.

The share of applicants seeking to refinance fell to 54 percent from 54.5 percent in the prior week, the MBA’s report showed.

The average rate on a 30-year fixed loan held at 4.35 percent. The average 15-year mortgage rate declined to 3.48 percent from 3.51 percent.

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