Refi activity reaches six-month low

Refinance applications continued their decline last week as mortgage rates rose to their highest level since July, according to the latest data from the Mortgage Bankers Association, through Dec. 3. While the number of borrowers seeking to refinance their mortgages dropped 1.4 percent on a week-over-week basis to their lowest level since June, the number of consumers applying for mortgages on their purchases rose 1.8 percent to their highest level since May. Meanwhile, the 30-year fixed-rate mortgage registered its fourth straight increase in its average contract interest rate, rising to 4.66 percent from 4.56 percent one week ago. Its 15-year counterpart also saw an uptick, to 3.98 percent from 3.91 percent a week ago. TRD