(Bloomberg) -- U.S. mortgage refinancing dropped to the lowest since the turn of the century amid higher borrowing costs, according to data from the Mortgage Bankers Association covering the week ended Aug. 10. The interest rate on a 30-year fixed mortgage has increased by about 60 basis points since the start of this year.
- The overall mortgage applications index, which includes home purchases, dropped 19 percent from a year earlier.
- Applications for loans to purchase a home fell to the lowest since February.
To contact the reporter on this story: Alex Tanzi in Washington at atanzi@bloomberg.net
To contact the editors responsible for this story: Kristy Scheuble at kmckeaney@bloomberg.net, Vincent Del Giudice
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