Mortgage Applications at Lowest Level Since 2000

Applications for U.S. home mortgages last week fell to their slowest pace since December 2000.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 1.5 percent to 419.3 in the week ended Aug. 15.

The MBA's seasonally adjusted index of refinancing applications dropped 3.7 percent to 1,034.5 last week, marking the fourth drop in five weeks.