NEW YORK (Reuters) - U.S. applications
to refinance homes fell for the ninth consecutive week and hit
the lowest level in more than a year, a mortgage industry group
An index measuring refinancing demand
fell 8.6 percent to 1,981.5 in the week ended Aug. 29, its ninth
consecutive week of declines, and its lowest level since the
week ended June 14, 2002, according to the Mortgage Bankers
Association of America.
Applications for mortgages to buy homes rose
5.5 percent last week to 396.1, its highest level since the
week ended Aug. 8, as consumers rushed to beat rising mortgage
That rise came even as the average 30-year mortgage
rate rose 0.03 percentage points to 6.25 percent.
The decline in refinancing applications helped
drag the overall level of mortgage applications down by 1.6
percent, bringing the group's market index to 628.7.