U.S. mortgage applications off 3.6 percent

WASHINGTON, Nov. 21 (UPI) -- U.S. mortgage applications fell 3.6 percent, as home purchases and refinancing fell off, a mortgage industry group said Wednesday.

The Mortgage Bankers Association's index of applications to buy a home or refinance a loan slid to 681.7 last week from 707.3 the week before.

Refinance volume declined 5 percent, while purchase volume fell 2 percent, the Washington association said. Refinance applications accounted for 50.3 percent of total mortgage applications last week, up from 50.2 percent the previous week.

The average interest rate for 30-year fixed-rate mortgages, excluding fees, dipped 0.01 percent to 6.18 percent from 6.19 percent the week before, the association said.

The average interest rate for one-year adjustable-rate mortgages held steady at 5.98 percent.

The association's loan survey covers about half of all U.S. retail residential mortgage originations.