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http://www.reuters.com/article/bondsNews/idUSNYS00508920090527NEW YORK, May 27 (Reuters) - The highest home loan rates in more than two months drained demand for refinancing last week, dragging total U.S. mortgage applications to the lowest level since early March, the Mortgage Bankers Association said on Wednesday.
The average 30-year mortgage rate rose 0.12 percentage point to 4.81 percent, above a low of 4.61 percent two months ago though down more than a percentage point from a year ago.
The Mortgage Bankers Association's measure of demand for loans to buy homes rose by 1 percent, but has shown scant momentum during the keenly watched spring sales season.
Refinancing has been the lifeblood of the renewed push for mortgage funding much of this year, and even that has lost steam, according to the industry group's data.
Total U.S. mortgage applications fell 14.2 percent in the week ended May 22 to 786.0 on a seasonally adjusted basis, well off a recent peak of 1,250.6 in early April.
Home loan refinance requests last week slumped 18.9 percent to 3,890.4, about half of the 6,813.5 peak in early April. Refinancings accounted for just over 69 percent of all applications, after hovering closer to 75 percent in recent weeks.
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