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U.S. home mortgage applications decreased last week. However, the MBA's seasonally adjusted index of applications for mortgage refinancing climbed 0.1.

Applications for U.S. home mortgages decreased last week as a drop in home purchasing activity offset a marginal increase in refinancing, amid a rise in interest rates, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decreased 0.6 percent to 727.9 in the week ended Feb 18, after falling 0.5 percent in the MBA's prior week survey.

A sharp rise in interest rates may have dampened demand for mortgages. Top Stories

Fixed 30-year mortgage rates averaged 5.67 percent last week, excluding fees, up 17 basis points from 5.50 percent the previous week.

Despite the increase, mortgage rates remain historically low, which encouraged a modest amount of U.S. consumers to refinance their existing loans.