Summary Box: Mortgage applications fall 1.5 percent as rates tick up from lowest in decades

Summary Box: Mortgage lending falls 1.5 pct

MORTGAGE APPLICATIONS SLIP: Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades, according to the Mortgage Bankers Association.

REFINANCING DIPS AS RATES INCH UP: Applications to refinance home loans fell 3.1 percent, the first drop in six weeks. The average rate for a 30-year fixed loan rose to 4.5 percent from 4.43 percent a week earlier.

PURCHASE LOANS UP: Loans taken out to purchase homes, however, rose 6.3 percent to the highest level since May.