US Mortgage Activity Climbs

Published by: Frank Galvano on 19th Jan 2011 | View all blogs by Frank Galvano

US Mortgage Activity Climbs

The Mortgage Bankers Association reported on Wednesday that applications for US home mortgages surged last week as interest rates fell to their lowest levels in a month. The agency's seasonally adjusted index of mortgage application activity gained 5 percent overall for the week ending January 14th.

The groups' index for refinance loans climbed 7.7 percent while its index for purchase loans dipped 1.9 percent. The average rate for a 30 year fixed-rate mortgage for the week was 4.77 percent, down from 4.78 percent the week before. The average for that mortgage type at the end of last year was 4.93 percent.

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