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US mortgage applications rise in latest week: MBA

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Applications for US home mortgages rose last week as interest rates declined, an industry group said on Wednesday.

[NEW YORK] Applications for US home mortgages rose last week as interest rates declined, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.4 per cent in the week ended April 3.

The MBA's seasonally adjusted index of refinancing applications fell 3.3 per cent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 6.8 per cent to its highest level since July 2013.

The refinance share of total mortgage activity fell to 57 per cent of applications, its lowest level since October 2014 from 60 per cent the week before.

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Fixed 30-year mortgage rates averaged 3.86 per cent in the week, down 3 basis points from 3.89 per cent the previous week.

The survey covers over 75 per cent of US retail residential mortgage applications, according to MBA.

REUTERS

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