Mortgage Applications Surge Nearly 17% Last Week

Record-low mortgage rates helped spur more mortgage applications last week, led by a jump in applications for refinancings, according to the Mortgage Bankers Association in its weekly report.

The MBA’s index for mortgage applications — which includes applications for both refinancing and home purchase — rose 16.9 percent for the week ending July 13.

Refinance activity posted its largest jump in seven months, increasing 21.6 percent last week.

On the other hand, loans for home purchases — which serves as a gauge of home sales — decreased slightly by 0.1 percent last week.

Source: “Mortgage Applications Surge on Refinancing,” Reuters (July 18, 2012)

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