Applications for U.S. home mortgages rose last week, fueled by refinancing activity as demand for purchases sagged for the fourth week in a row, 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, was up 1.3 percent in the week ended June 1.
The MBA's seasonally adjusted index of refinancing applications gained 2.0 percent as interest rates fell to yet another low. But the gauge of loan requests for home purchases, a leading indicator of home sales, slipped 1.8 percent.
The refinance share of total mortgage activity rose to 78 percent of applications from 77 percent the week before.
Fixed 30-year mortgage rates averaged 3.87 percent, hitting a fresh record low and down 4 basis points from 3.91 percent.
The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.
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