May 15

Home Loan Demand Rises 3.6%

Home Loan Demand Rises 3.6%

Home Loan Demand Rises 3.6%. Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

Home Loan Demand Rises 3.6%. Image courtesy of David Castillo Dominici / FreeDigitalPhotos.net

Mortgage applications were on the rise this week as interest rates dropped to the lowest level in six months, the Mortgage Bankers Association reported Wednesday in its weekly market survey.

Mortgage applications, reflecting applications for home purchases and refinancing, rose 3.6 percent for the week ending May 9. Broken out, refinance applications increased 7 percent, reaching the highest level since the week ending April 11. Applications for home purchases, viewed as a leading gauge for future home sales, rose less than 1 percent unadjusted from one week earlier. Purchase applications are 12 percent lower than year-ago levels, the MBA reported.

Average interest rates for the 30-year fixed-rate mortgage dropped to 4.39 percent last week, the lowest average rates since November 2013.

Source: “U.S. Mortgage Application Volume Up 3.6% Last Week, MBA Says,” The Wall Street Journal (May 14, 2014)

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