Mortgage Applications Unchanged Last Week

Applications for U.S. home mortgages were unchanged for the week ended Friday from the previous week as an increase in refinancing offset a decrease in purchases.

The Mortgage Bankers Assn. said its seasonally adjusted index of mortgage activity was flat at 689.3 in the week ended Friday, after a 1% drop the previous week. Its seasonally adjusted index of refinancing applications rose 5.7% to 1958.2, after a 2% decline the prior week. Refinancings as a share of total applications increased to 48.9% compared with 46% the previous week.