NEW YORK — Mortgage applications declined for the fourth straight week, as falling demand to refinance home loans outweighed a rise in applications to buy houses, an industry group said Wednesday.

Borrowing costs increased for all loan types last week, with the average rate on 30-year fixed-rate loans climbing to a six-week peak.

Thirty-year fixed home loan rates last week rose 0.03 percentage point to 6.16%, excluding fees, matching the rate of the Feb. 23 week, the Mortgage Bankers Association said.

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NEW YORK — Mortgage loan application volume fell last week and mortgage rates edged higher, an industry group said Wednesday.

The Mortgage Bankers Association said its weekly mortgage index, which measures the volume of applications for loans to buy or refinance homes, fell by a seasonally adjusted 3.2 percent in the week ended March 30.

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It’s hard to turn down a bargain. You’ve seen it on television: order in the next five minutes and get a free gift. Maybe you won’t buy the latest gadget for $19.95, but if they throw in two gadgets, then how can you resist?

The mortgage industry is exactly the same, with one catch: the money involved is a lot more serious. After all, if you can really find a “no-cost” mortgage, you could save thousands. Especially with Internet-based lenders like Popular’s (Nasdaq: BPOP) E-Loan and GMAC’s (NYSE: GM) Ditech, you’ll often see opportunities to get a new loan or refinance an existing loan with no out-of-pocket costs. However, free offers are rarely simple acts of kindness. With those TV offers, if a gadget costs $0.50 to make, the manufacturer can afford to give you two for the price of one and still make a big profit. Similarly, mortgage lenders offering no-cost mortgages aren’t giving away their money. While free offers by themselves aren’t necessarily bad, it’s important for you to understand what you’re getting into.

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