Mortgage applications rose last week: MBA
NEW YORK (Reuters) - Applications for home mortgages rose last week as demand for refinancing and new loans jumped, 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 11.1 percent in the week ended Sept 7.
The MBA's seasonally adjusted index of refinancing applications rose 11.9 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 8.1 percent.
MBA cautioned the numbers adjusted for the Labor Day holiday may overstate the level of refinance applications because some lenders who take applications through the internet saw little decline in applications, compared to drops reported by lenders relying on retail offices.
The refinance share of total mortgage activity increased to 80 percent of applications from 79 percent the week before.
Fixed 30-year mortgage rates averaged 3.75 percent in the week, down 3 basis points from 3.78 percent the week before.
The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.
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