Mortgage refinancings index drops

April 11, 2004|By BLOOMBERG NEWS

Fewer Americans sought to refinance mortgages last week after an unexpectedly strong national jobs report contributed to the biggest increase in home-loan rates since early December.

The Mortgage Bankers Association's applications index declined 7.2 percent to 1,012.9, the third straight drop. The Washington-based group's gauge of applications to refinance existing mortgages fell 15 percent to 4,126.7, the second straight decline.

Yields on 10-year Treasury notes, used to benchmark home loans, jumped after the Labor Department said payrolls rose the most since April 2000. The decline in the refinancing gauge was the largest since a 15.5 percent drop Dec. 5.

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