Tags: Mortgage | Applications | Refinancings | home

Mortgage Applications Rise as Low Rates Spark Refinancings

Wednesday, 25 July 2012 07:53 AM

Applications for U.S. home mortgages increased last week as record-low interest rates spurred demand for refinancing, although loans for purchases slipped, 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 .9 percent in the week ended July 20.

The MBA's seasonally adjusted index of refinancing applications rose 1.8 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 2.8 percent.

The refinance share of total mortgage activity rose to 80.8 percent of applications from 8 0.1 percent the week before.

Fixed 30-year mortgage rates held steady at 3.74 percent, the lowest rate in the survey's history.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

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Wednesday, 25 July 2012 07:53 AM
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