(Reuters) - U.S. mortgage applications recorded their steepest weekly fall since December 2016 as some home borrowing costs rose, curbing the recent pickup in loan demand for refinancing and home purchases, the Mortgage Bankers Association said on Wednesday.
The Washington-based industry group's seasonally adjusted index on mortgage applications stood at 512.2 in the week ended Sept. 20, down 10.1% from the prior week. This was the biggest week-on-week decline since a 12.1% fall in the week of Dec. 23, 2016.
The average interest rate for 30-year fixed-rate mortgages, with conforming loan balances of $484,350 or less, edged up 1 basis point to 4.02%, the highest since the week of July 26. Two weeks earlier, it stood at 3.82%, which was the lowest since November 2016.