April 7 (UPI) -- Mortgage refinancing applications in the United States have fallen off by about 20% over the past 12 months as loan rates are at their highest level in nearly a year, an industry report said Wednesday.
The Mortgage Bankers Association said in its report that overall U.S. applications and refinance applications are both down 5% over the past week. Refinancings are off 20% over the same period a year ago.