Mortgage applications fall sharply Mortgage applications fall sharply Industry group's survey says higher interest rates depress refinancing activity; purchases rise. March 2, 2005: 7:38 AM EST NEW YORK (Reuters) - Applications for U.S. home mortgages decreased last week as a sharp drop in home refinancing activity offset an increase in purchasing amid a rise in interest rates, an industry group said Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decreased 2.4 percent to 710.1 in the week ended Feb. 25 after dropping 0.6 percent the week before. The MBA's seasonally adjusted index of refinancing applications fell 9.9 percent to 2281.1, after rising 0.1 percent the prior week. The MBA's purchase index, a gauge of loan requests for home purchases, increased 5.3 percent to 440, more than erasing the 1.3 drop the previous week. Fixed 30-year mortgage rates averaged 5.74 percent last week, excluding fees, up 7 basis points from 5.67 percent the previous week.   Quelle "Mortgage applications fall sharply" : Cnn.com Main page for "Mortgage applications fall sharply"