US weekly mortgage applications index falls to two year low

The Mortgage Banker’s Association's index for US mortgage applications fell to a two-year low last week, it was revealed today.

Mortgage applications in the week to 16 August fell by 4.6 per cent, following a 4.7 per cent fall the week before. The index hit 450.4 from 471.9 the week before.

The weekly purchase index meanwhile rose 1.2 per cent to 184.9.

The refinancing index fell by 7.7 per cent to 1979.6 - its lowest level since April 2011. Conventional refinancing fell for the tenth consecutive week.

The 30 year fixed mortgage rate rose to 4.68 per cent from 4.56 per cent.