Mortgage applications fall after rates increase

Applications for U.S. home mortgages declined last week after a four-week increase in long-term interest rates, data from an industry group showed.

The seasonally adjusted index of total mortgage applications dipped 3% in the week ended Oct. 27 to 570.8, the lowest in over a month, the Mortgage Bankers Assn. said.

The rate for 30-year fixed mortgages rose to 6.36% through Oct. 20 from 6.18% in mid-September, the group said.