Make Kitco Your Homepage

U.S. mortgage applications retreat from 2-1/2 year peak

Kitco News

NEW YORK (Reuters) - U.S. mortgage applications fell from their highest level in 2-1/2 years as refinancing activity pulled back in step with an increase in home borrowing costs, the Mortgage Bankers Association said on Wednesday.

The Washington-based group’s seasonally adjusted index on requests for loans to buy a home and refinance a mortgage declined by 5.6% TO 475.6 in the week ended April 5. The previous week’s reading was the strongest since the week of Oct. 14, 2016.

Interest rates on 30-year “conforming” mortgages, or home loans with balances of $484,350 or less, averaged 4.40%, up from the prior week’s 4.36% which was the lowest since the week of Jan. 19, 2018.

Reporting by Richard Leong; Editing by Chizu Nomiyama

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.