Mortgage Applications Drop in Latest Week

Applications for U.S. home mortgages declined last week as refinancing activity fell and mortgage rates were little changed, an industry group said.

The Mortgage Bankers Assn. said its index of mortgage activity fell 1% to 689.0 in the week ended Friday.

The trade group's seasonally adjusted index of refinancing applications fell 2% to 1,852.4, while the gauge of loan requests for home purchases declined 0.4% to 488.9.