BUSINESS
07/27/2011 07:57 am ET | Updated Sep 26, 2011

U.S. Home Mortgage Applications Down After Jumping Week Before

Applications for U.S. home mortgages slipped last week after a sharp jump the week before and as interest rates edged up, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 5.0 percent in the week ended July 22.

The MBA's seasonally adjusted index of refinancing applications lost 5.5 percent after a 23.1 percent jump the previous week. The gauge of loan requests for home purchases was down 3.8 percent.

The refinance share of mortgage activity dipped to 69.6 percent of total applications from 70.1 percent the week before.

Fixed 30-year mortgage rates averaged 4.57 percent, rising from 4.54 percent.

(Reporting by Leah Schnurr; Editing by Leslie Adler)

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