Mortgage Applications Dip

Applications for US home loans fell last week as interest rates edged up, following a substantial increase the week before, according to a Thursday report from the Mortgage bankers Association.  Its index of mortgage activity slipped 5.5 percent for the week, which ended July 22nd. The seasonally adjusted number includes data for both refinance and purchase loan requests.

The group’s measure of refinancing applications, also adjusted for seasonal factors, dipped 5.5 percent after a staggering 23.1 percent increase the previous week, as the reading on applications for purchase loans slipped 3.8 percent.  The percentage of applications made up by refinancing loans, meanwhile, fell from 70.1 percent in the week prior to 69.6 percent last week.

Separately, the average rate for a 30 year fixed-rate mortgage climbed from 4.54 percent to 5.57 percent, according to a separate report from mortgage giant Freddie Mac.

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