US mortgage activity rises as rates fall

[NEW YORK] US mortgage applications rose last week, led by an increase in refinancing activity, as home borrowing costs broadly fell, Mortgage Bankers Association said on Wednesday.

The Washington-based group's seasonally adjusted index of overall mortgage activity rose three per cent to 418.7 in the week ended Aug 4. Its seasonally adjusted barometer on refinancing requests increased 5.3 per cent to 1,433.2 last week.

REUTERS