Applications for U.S. home mortgages eased last week, although demand for refinancing improved as interest rates edged down, an industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, slipped 0.4 per cent in the week ended June 3.
The MBA's seasonally adjusted index of refinancing applications rose 1.3 per cent, while the gauge of loan requests for home purchases dropped 4.4 per cent.
The refinance share of mortgage activity increased to 67.3 per cent of total applications from 65.7 per cent the week before, the MBA said.
Fixed 30-year mortgage rates averaged 4.54 per cent in the week, down from 4.58 per cent the week before.