U.S. home refinancing falls to lowest in 17-1/2 years: MBA

[May 23, 2018]  NEW YORK (Reuters) - U.S. applications on mortgages to refinance an existing home fell to their lowest level in 17-1/2 years as some 30-year borrowing costs climbed to their highest levels in over seven years, the Mortgage Bankers Association said Wednesday.

The Washington-based group's seasonally adjusted measure on refinancing applications declined 3.7 percent to 1,018.1 in the week ended May 18, which was the lowest reading since December 2000.

Interest rates on 30-year fixed-rate "conforming" home loans, whose balances are $453,100 or less, rose to 4.86 percent, the highest since April 2011. They averaged 4.77 percent the prior week, MBA said.

(Reporting by Richard Leong)

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