US home mortgage applications decline, MBA says

Applications for US home mortgages fell last week, data released on Wednesday showed.

The Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, declined 3.2% in the week ended 20 November.

Meanwhile, fixed 30-year mortgage rates fell from 4.18% to 4.14%.

"The 30-year fixed rate has increased almost 20 basis points since a recent low, and the refinance index has decreased in four of the last five weeks," said Michael Fratantoni, the MBA chief economist.