Mortgage applications fall in latest week

Mortgage applications fall in latest week

The Associated Press
Updated Feb 9, 2011 10:45AM MDT
New York • The number of people applying for a mortgage dropped last week as rates jumped.
The Mortgage Bankers Association said Wednesday its overall mortgage application index fell 5.5 percent from the previous week. The refinance index decreased 7.7 percent, while the purchase index slipped 1.4 percent.
Refinances made up two-thirds of mortgage activity last week, down from 69.3 percent. That marks the lowest share since May of last year.
Rates on fixed mortgages climbed last week as more upb...

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