U.S. Mortgage Apps Edge Up
U.S. Mortgage Apps Edge Up
The Mortgage Bankers Association reported Wednesday that applications for U.S. home loans rose again last week, the fourth straight week with an increase, even as interest rates edged up slightly. The group said that applications advanced in both refinancing and purchase loans. The overall increase was 1.1 percent, consisting of a 1.5 percent increase in purchase loan requests and a 0.9 percent rise in the group's gauge of refinance applications.
The report follows a report from the Commerce Department, issued Tuesday, showing that sales of new homes increased for a second consecutive month in April. Improvement in the job market and borrowing costs near a six-month low are the primary factors contributing to the increase in sales. Analysts warn that the market is still mired in turmoil, however, as a tremendous oversupply of listed homes and continued foreclosures are working to keep prices down, and could even force values down another 5 percent before the end of the year.
The average rate for a 30 year, fixed-rate mortgage, rose from 4.60 percent to 4.69 percent last week. The prior week's average was the lowest reported since November. The average rate for a 15 year fixed loan rose from 3.75 percent to 3.78. The share of applications filed for refinance loans was 66.8 percent, barely higher than the 66.7 percent ratio from the week before.
The Mortgage Bankers Association reported Wednesday that applications for U.S. home loans rose again last week, the fourth straight week with an increase, even as interest rates edged up slightly. The group said that applications advanced in both refinancing and purchase loans. The overall increase was 1.1 percent, consisting of a 1.5 percent increase in purchase loan requests and a 0.9 percent rise in the group's gauge of refinance applications.
The report follows a report from the Commerce Department, issued Tuesday, showing that sales of new homes increased for a second consecutive month in April. Improvement in the job market and borrowing costs near a six-month low are the primary factors contributing to the increase in sales. Analysts warn that the market is still mired in turmoil, however, as a tremendous oversupply of listed homes and continued foreclosures are working to keep prices down, and could even force values down another 5 percent before the end of the year.
The average rate for a 30 year, fixed-rate mortgage, rose from 4.60 percent to 4.69 percent last week. The prior week's average was the lowest reported since November. The average rate for a 15 year fixed loan rose from 3.75 percent to 3.78. The share of applications filed for refinance loans was 66.8 percent, barely higher than the 66.7 percent ratio from the week before.
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