Applications for U.S. home mortgages dipped last week despite increased refinancing, an industry report said on Wednesday, suggesting still-stunted demand as the spring selling season nears.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 0.7 percent in the week ended March 11.
The MBA's seasonally adjusted index of refinancing applications rose 0.9 percent, marking its second straight week of greater volume. The MBA's gauge of loan requests for home purchases fell 4 percent.
Fixed 30-year mortgage rates averaged 4.79 percent in the week, down from 4.93 percent the week before.
(Reporting by Al Yoon, Editing by Chizu Nomiyama)