The U.S. mortgage applications fell for the second straight week, hurt by a slump in demand for home refinancing loans, while interest rates rose, according to an industry group.
The Mortgage Bankers Association (MBA, for its acronym in English) said Wednesday that the 30-year mortgages with fixed-rate loan more used, stood at over 5 percent, a level seen as psychological.
The MBA said its seasonally adjusted index of mortgage applications, which includes purchase and refinance loans, for the week ended Oct. 16 fell 13.7 percent to 641.0, its lowest level since the week ended 11 September.
The fall does not come from either a beaten U.S. housing market, the prime mover of the worst U.S. recession since the 1930s. While the industry has found some balance after a crisis three years, is still very vulnerable to setbacks.
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