US mortgage applications slip, says MBA

Applications for US home mortgages fell last week, according to data from the Mortgage Bankers Association.

The MBA said its seasonally-adjusted index of application activity, which covers home purchase demand and refinancing demand, fell 1.1% in the week ending 11 December, compared with a 1.2% rise the previous week.

Refinance applications rose 1% while mortgage applications to buy a home were down 3% from the previous week, but 34% higher than the same period last year.

Meanwhile, the fixed 30-year mortgage rate was flat at 4.14%.