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U.S. mortgage applications down

WASHINGTON, Aug. 30 (UPI) -- U.S. mortgage applications fell last week 0.9 percent, an industry group reported Wednesday.

The Mortgage Bankers Association, which said its index of mortgage loan application volume eased to 556.5 from 561.5 one week earlier, also said its latest figure was 22.4 percent lower than a year ago.

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The MBA's "purchase index" fell last week by 1.6 percent to its lowest level since November 2003.

Refinancing mortgage applications, as a percentage of total mortgage activity, rose to more than 41 percent.

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