Mortgage applications for home purchases, viewed as a leading gauge for future home sales, rose 2.8 percent last week, the Mortgage Bankers Association reported Wednesday.
While the home purchase index showed signs of rebounding, applications for refinancings continued to fall, decreasing 7.7 percent for the week. Refinancing applications – which make up the biggest portion of the MBA’s mortgage application index – caused overall mortgage applications to slide 3.5 percent for the week ending March 21. It marked five of the past six weeks for overall applications to drop.
The MBA also reported that interest rates were at their highest level since January. The average 30-year fixed-rate mortgage increased to 4.56 percent from 4.5 percent the previous week, the MBA reports.
Source: “U.S. Mortgage Applications Fell Last Week: MBA,” Reuers (March 26, 2014)