U.S. mortgage activity falls to two-and-a-half year low: MBA

A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson

NEW YORK (Reuters) – U.S. mortgage application activity decreased to its lowest in 2-1/2 years last week as loan requests to refinance an existing home fell to their weakest level since December 2000, the Mortgage Bankers Association said on Wednesday.

A new apartment building housing construction site is seen in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson

The Washington-based group’s seasonally adjusted index on weekly home loan requests fell 3 percent to 342.5 in the week ended Aug. 3. This was the lowest reading since 328.6 in the week of Jan. 1, 2016.

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