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Mortgage applications up for 3rd week despite rate rise -MBA
January 23, 2013 / 12:05 PM / 5 years ago

Mortgage applications up for 3rd week despite rate rise -MBA

NEW YORK (Reuters) - Applications for U.S. home mortgages rose last week for the third week in a row, boosted by increased demand for refinancings, data from an industry group showed on Wednesday.

A pedestrian walks past a sign advertising new condominium homes for sale in South San Francisco, California December 22, 2009. REUTERS/Robert Galbraith

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7 percent in the week ended Jan 18.

The MBA’s seasonally adjusted index of refinancing applications gained 7.7 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, added 2.5 percent.

The refinance share of total mortgage activity held steady at 82 percent of applications.

Fixed 30-year mortgage rates averaged 3.62 percent, up 1 basis point from the week before.

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

Reporting by Leah Schnurr; Editing by Leslie Adler

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