U.S. mortgage applications rise as mortgage rates edge down -MBA
Homes are 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. REUTERS/Mike Segar
(Reuters) – Mortgage applications increased last week, as purchasing applications posted their largest increase since early July while mortgage rates edged down.
The Mortgage Bankers Association (MBA) said on Wednesday its average contract interest rate for traditional 30-year mortgages declined to 3.03% from 3.06% in the week ending Aug. 20. The seasonally adjusted market composite index tracking mortgage applications rose 1.6% from a week earlier, reflecting a 0.9% increase in applications to refinance existing loans.
Purchase applications rose 3.0%, the MBA said.
After hitting record lows late last year below 2.9%, mortgage rates climbed in the first part of this year and peaked in the spring. Rates had been drifting lower since, held down in large…
