Demand for Mortgage Applications Declines

U.S. consumer demand for home mortgage loan applications fell last week to the lowest level this year despite a marked drop in interest rates, an industry trade group said.

The Mortgage Bankers Assn. said its seasonally adjusted index of mortgage application activity for the week ended March 17 decreased 1.6% to 565 from the previous week’s 574.4, its lowest level of 2006.