US mort­gage ap­pli­ca­tions rise in latest week: MBA

The Pak Banker - - BUSINESS -

WASHINGTON: Ap­pli­ca­tions for U.S. home mort­gages rose last week as bor­row­ing rates de­clined to their low­est since May, 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 4.7 per­cent in the week ended July 31. The MBA s sea­son­ally ad­justed in­dex of re­fi­nanc­ing ap­pli­ca­tions rose 5.9 per­cent, while the gauge of loan re­quests for home pur­chases, a lead­ing in­di­ca­tor of home sales, rose 3.3 per­cent. The re­fi­nance share of to­tal mort­gage ac­tiv­ity rose to 51.3 per­cent of ap­pli­ca­tions from 50.6 per­cent the week be­fore. Fixed 30-year mort­gage rates fell 4 ba­sis points from the pre­vi­ous week to 4.13 per­cent, the low­est since May. The sur­vey cov­ers over 75 per­cent of U.S. re­tail residential mort­gage ap­pli­ca­tions, ac­cord­ing to MBA.

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