US house mortgage applications decline

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 0.2% in the week ended 27 November.

The seasonally adjusted sub-index of refinancing applications slid 6%, while the index of loan requests for home purchases, a key indicator of home sales, rose 8% and are 30% higher year-on-year.

"Volume always drops significantly during Thanksgiving week,” said Michael Fratantoni, chief economist for the MBA.

“However, even after adjusting for the holiday, with rates little changed last week, refinance volume slipped to its lowest level since late July.”