Loan applications at lowest level since March

Home loan applications in the U.S. fell last week to their lowest level since mid-March as demand for refinancing dropped, according to Mortgage Bankers Association data released today. The low demand for loans is a particularly bad sign during the typically busy spring buying season, economists said. The average rate for a 30-year mortgage dropped 0.11 percentage points last week, to 4.52 percent, close to the record low of 4.61 for the week of March 27.