US mort­gage ap­pli­ca­tions inch up in latest week

The Pak Banker - - BUSINESS -

NEW YORK: Ap­pli­ca­tions for U.S. home mort­gages edged up 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 0.2 per­cent in the week ended Aug. 21. The MBA's sea­son­ally ad­justed in­dex of re­fi­nanc­ing ap­pli­ca­tions fell 1.0 per­cent, while the gauge of loan re­quests for home pur­chases, a lead­ing in­di­ca­tor of home sales, rose 1.7 per­cent. The re­fi­nance share of to­tal mort­gage ac­tiv­ity fell to 55.3 per­cent of ap­pli­ca­tions from 55.5 per­cent the week be­fore. Fixed 30-year mort­gage rates av­er­aged 4.08 per­cent in the week, down 3 ba­sis points from 4.11 per­cent the pre­vi­ous week. The sur­vey cov­ers over 75 per­cent of U.S. re­tail residential mort­gage ap­pli­ca­tions, ac­cord­ing to MBA.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.