Mortgage rates edge up, applications fall, trade group says

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The surge in home refinancings triggered by rates that dropped below 5% last month appears to be tapering off.

Mortgage rates went up a little last week and applications for new home loans declined nearly 14%, the Mortgage Bankers Assn. said in its weekly report today.

The average rate rose to 5.07% for a 30-year fixed-rate mortgage from 5.02%, with points (including the origination fee) edging up as well, from 1.11% of the loan amount to 1.13%.

The figures assume that borrowers are making a 20% down payment.

Rates for 15-year fixed mortgages and adjustable loans edged up as well.

-- E. Scott Reckard