Applications for U.S. home mortgages rose last week, fueled by demand for refinancing as interest rates fell to the lowest level of the year, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7 percent in the week ended May 3.
The MBA’s seasonally adjusted index of refinancing applications climbed 8.3 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, gained 2.4 percent.
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