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U.S. Markets

U.S. mortgage applications rise as loan rates fall: MBA

(Reuters) - U.S. mortgage applications climbed last week, led by a pickup in refinancing requests, as some home borrowing costs fell to their lowest levels since September 2017, the Mortgage Bankers Association said on Wednesday.

The Washington-based group’s seasonally adjusted index on mortgage activity increased 1.3% to 518.7 in the week ended June 21, propelled by a 3.2% rise in refinancing activity.

Interest rates on 30-year fixed-rate “conforming” mortgages, or loans whose balances are $484,350 or less, decreased to 4.06%, the lowest level since September 2017. They averaged 4.14% the week before.

(GRAPHIC: U.S. mortgage applications interactive - tmsnrt.rs/2RnEpRD)

Reporting by Richard Leong; Editing by Chizu Nomiyama

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