U.S. mortgage applications fall as borrowing costs edge up
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File Picture: Construction equipment sits next to signs advertising new condominium homes for sale in South San Francisco, California, December 22, 2009. REUTERS/Robert Galbraith
NEW YORK (Reuters) - U.S. mortgage applications to buy a home and to refinance one fell for a second straight week, as borrowing costs edged higher in step with higher bond yields, the Mortgage Bankers Association said on Wednesday.
The Washington-based group's seasonally adjusted index on mortgage activity fell 3.0 percent to 388.7 in the week ended Jan. 25. Two weeks ago, it reached an 11-month high at 411.8, raising hopes of a revival in the housing market that has slowed due to rising mortgage rates.
(Reporting by Richard Leong; Editing by Chizu Nomiyama)
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