U.S. MBA Mortgage Applications Index Declined 11% Last Week

Mortgage applications in the U.S. declined last week as the biggest jump in mortgage rates since June led to a fifth straight drop in refinancing.

The Mortgage Bankers Association’s index fell 11 percent in the week ended April 2. The Washington-based group’s refinance measure plunged 17 percent, while the purchase gauge rose 0.2 percent.