Requests for home loans falls 13% in lowest reading since June '02 as refinancing filings drop 21%.
August 27, 2003: 7:21 AM EDT
NEW YORK (Reuters) - The number of Americans filing for mortgage loans fell last week on a steep drop in refinancing requests, according to an industry survey.
The Mortgage Bankers Association of America reported Wednesday that its seasonally adjusted gauge of overall mortgage requests fell to 638.6 for the week ended Aug. 22, down 13.3 percent from the previous week's 736.7.
The reading is the lowest since 565.5 for the week ended June 14, 2002, and 65 percent below the record high of 1,856.7 in the last week of May.
Loan demand for refinancing has fallen sharply in recent weeks prompted by the upward spike in mortgage rates, but demand for loans to buy homes has dropped only slightly, supported by strong home sales and construction.
The group's index of demand for loans for home purchases slipped to 375.5, down 3.6 percent from the prior week's 389.5.
Its seasonally adjusted gauge for loan applications to refinance decreased 21.3 percent to 2,169 from the previous week's 2,756.8.
Interest rates, excluding fees, on 30-year fixed-rate mortgages, the home loan held by most Americans, averaged 6.22 percent, unchanged from the prior week.
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