Mortgage applications fell last week as interest rates hit their highest level in more than four years, an industry trade group said today.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended June 23 decreased 6.7% to 529.6 from the previous week.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.86%, up 0.13 percentage point, its highest level since April 12, 2002, when it reached 6.92%.

Fixed 15-year mortgage rates averaged 6.49%, up from 6.37%. Rates on one-year adjustable-rate mortgages (ARMs) increased to 6.36% from 6.22%.

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