Activity drops more than 14 percent as 30-year [tag]fixed-rate mortgage[/tag] climbs to 6.12 percent, industry trade group’s weekly index says. Mortgage applications fell as interest rates rose across the board, an industry trade group reported Wednesday. The [tag]Mortgage Bankers Association[/tag] said its seasonally adjusted index of mortgage application activity for the week ended Dec. 22 fell 14.2 percent to 555.8, from 647.6 a week earlier.

The 30-year fixed-rate mortgage rose to 6.12 from 6.10 percent last week. The group’s seasonally adjusted refinance index fell 18.5 percent to 1604.6 from 1968.8 the previous week, and the purchase index decreased 10.6 percent to 390.2 from 436.5 one week earlier. The refinance share of mortgage activity decreased to 48.8 percent of total applications from 50.8 percent the previous week. Fixed 15-year mortgage rates increased to 5.84 from 5.82 percent. Rates on [tag]one-year adjustable-rate mortgages[/tag] (ARMs) increased to 5.87 from 5.82 percent.

http://money.cnn.com/2006/12/27/real_estate/mortgage_apps/index.htm?postversion=2006122709