U.S. mortgage applications fall as loan rates hit four and a half year peak: MBA

NEW YORK (Reuters) – U.S. mortgage applications fell last week as interest rates on some 30-year fixed-rate home loans reached their highest levels in more than 4-1/2 years, the Mortgage Bankers Association said on Wednesday.

A sign displays ‘Sale Pending’ on a partly finished house, at a property development underway, on the northern edge of Odessa, Texas, U.S., April 13, 2018. Picture taken April 13, 2018. REUTERS/Ann Saphir

The Washington-based industry group said its seasonally adjusted measure on mortgage requests fell 1.6 percent to 258.1 in the week ended April 27.

Interest rates on “conforming” 30-year mortgages, or loans with balances of $453,100 or less, averaged 4.80 percent, which was the highest since September 2013 and up from 4.73 percent from the prior week, MBA said.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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