Mortgage applications in the U.S. fell last week by the most since February as higher borrowing costs damped home purchases and refinancing.
The Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan dropped 6 percent to 552.6 from 588 the prior week. The gauge of purchases fell 7.1 percent, also the biggest decline in three months, to 396.4.
Yet more evidence of a declining market. The mortgage index will continue to fall in the coming months,