Mortgage Application Index Drops 7.2%

Fewer Americans sought to refinance mortgages last week after an unexpectedly strong jobs report contributed to the biggest increase in home-loan rates since early December.

The Mortgage Bankers Assn.’s mortgage applications index declined 7.2% to 1,012.9 last week, the third straight drop, from 1,091.3 the week before. The Washington-based group’s gauge of applications to refinance existing mortgages fell 15%, the second straight decline.

The average 30-year fixed mortgage rate climbed to 5.75% from 5.49% a week earlier.