US mortgage demand drops as refinancing slumps -MBA

NEW YORK, Dec 1 (BestGrowthStock) -Applications for U.S. home
mortgages dropped last week as interest rates rose to the
highest level since mid-August, driving down applications for
refinancing, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally
adjusted index of mortgage application activity declined 16.5
percent to 608.8 in the week ended Nov. 26.

Refinancing applications plunged 21.6 percent to a reading
of 2,974.4 on the seasonally adjusted index, the lowest reading
since early June.

Requests for home purchases gained 1.1 percent to 207.2.

Fixed 30-year mortgage rates averaged 4.56 percent in the
week, up from 4.50 percent in the previous week and the highest
since the week ending Aug. 13.
(Reporting by Al Yoon; Editing by Leslie Adler)

US mortgage demand drops as refinancing slumps -MBA