NEW YORK, July 26 (Reuters) - U.S. applications for
mortgages to buy a home fell to their lowest level in nearly two months
last week even as 30-year borrowing costs slipped, Mortgage Bankers
Association said on Wednesday.
The
Washington-based group's seasonally adjusted barometer on purchase
mortgage activity, a proxy for future home sales, fell 2.2 percent to
240.1 in the week ended July 21. That was the weakest reading since
238.1 in the May 26 week.
Housing demand has
remained sturdy despite a rise in mortgage rates this year. Home sales
have been hampered by low inventories across the country.
Interest rates on conforming 30-year fixed-rate mortgages fell to 4.17 percent from 4.22 percent the prior
week.
Conforming
loans are those with balances of $424,100 or less that qualify for
guarantees from federal mortgage agencies Fannie Mae and Freddie Mac.
Average rates on other types of mortgages that the MBA tracks fell 3 to 12 basis points from the preceding week.
The
MBA's seasonally adjusted gauge of applications of refinancing
applications rose 3.4 percent to 1,414.3, the highest level in five
weeks.
The group's barometer on total mortgage applications adjusted for seasonal factors edged up 0.4 percent to 418.5.
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