September 26, 2018 / 12:43 PM / a year ago

U.S. mortgage applications rise even as rates jump

A home for sale is seen in the Penn Estates development where most of the homeowners are underwater on their mortgages in East Stroudsburg, Pennsylvania, U.S., June 20, 2018. Picture taken June 20, 2018. REUTERS/Mike Segar

NEW YORK (Reuters) - U.S. mortgage applications increased last week even as home borrowing costs jumped with interest rates on some 30-year fixed-rate loans reaching their highest levels in more than seven years, the Mortgage Bankers Association said on Wednesday.

The Washington-based group’s seasonally adjusted index on requests for a loan to buy a home and to refinance an existing home rose 2.9 percent to 352.5 in the week ended Sept. 21.

Interest rates on 30-year conforming mortgages, whose balances are $453,100 or less, averaged 4.97 percent, which was the highest since April 2011. Last week, they averaged 4.88 percent.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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