US mortgage activity posts biggest weekly drop in six months: MBA

Wed Jun 28, 2017 | 2:18 PM BST

Wed Jun 28, 2017 | 2:18 PM BST

FNMA.PK) and Freddie Mac (FMCC.PK).

Average rates on other types of mortgages that MBA tracks were mixed from the previous week.

MBA’s seasonally adjusted gauge of applications for home purchases, a proxy for future home sales, decreased to 241.7 last week, marking a 4.1 percent fall, its biggest since the Feb. 10 week.

The group’s seasonally adjusted barometer of refinancing applications declined to 1,396.2, down 8.6 percent, the steepest since a 23.2 percent drop six months ago.

(Reporting by Richard Leong in New York; Editing by Jeffrey Benkoe)

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