September 11, 2019 / 1:03 PM / 10 days ago

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

(Reuters) - U.S. mortgage applications to buy a home and to refinance one rose in early September as most home borrowing costs fell with some 30-year rates hitting their lowest levels since late 2016, the Mortgage Bankers Association said on Wednesday.

The Washington-based group’s seasonally adjusted measure on mortgage activity gained 2.0% to 569.8 in the week ended Sept. 6, led by a pickup in loan requests for home purchases.

The average interest rate for 30-year fixed-rate mortgages, with conforming loan balances of $484,350 or less, fell to 3.82%, which was the lowest since November 2016. It stood at 3.87% in the prior week.

Reporting by Richard Leong; Editing by Susan Fenton

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