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Mortgage activity posts biggest drop since December

Reuters logo Reuters 6 days ago Richard Leong

U.S. mortgage application activity recorded its steepest drop since December, retreating from an eight-week high, as various home borrowing costs held steady or rose modestly, according to Mortgage Bankers Association data released on Wednesday.

The Washington-based industry group said its measure on mortgage applications fell to 398.8 points in the week ended May 12 in a 4.1 percent decline from the prior week. This was the biggest weekly decrease since a 12.1 percent drop in the Dec. 23 week.

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