Mortgage Applications Rise on Strong Purchase Demand

Wednesday, 02 May 2012 08:14 AM

 

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Applications for U.S. home mortgages edged up last week, boosted by stronger demand for purchases for the second week in a row, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.1 percent in the week ended April 27.

The MBA's seasonally adjusted index of loan requests for home purchases gained 2.9 percent, but the gauge of refinancing applications slipped 0.7 percent.

The refinance share of total mortgage activity eased to 72.6 percent of applications from 73.4 percent the previous week.

Fixed 30-year mortgage rates averaged 4.05 percent in the week, up 1 basis point from 4.04 percent.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to the MBA.

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