US Mortgage Applications Climbed Higher Last Week

Applications for U.S. home mortgages edged up last week while borrowing rates moved lower, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.8 percent in the week ended July 24.

The MBA’s seasonally adjusted index of refinancing applications rose 1.6 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, dipped 0.1 percent.

The refinance share of total mortgage activity rose to 50.6 percent of applications from 50.3 percent the week before.

Fixed 30-year mortgage rates averaged 4.17 percent in the week, down 6 basis points from the previous week.

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

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza