U.S. mortgage applications up; rates to low: MBA

The mortgage applications in the U.S. rose last week due to a decline in interest rates, according to the Mortgage Bankers Association (MBA, for its acronym in English).

The group said its seasonally adjusted index of mortgage application activity, which includes both refinancing and demand for home purchases, rose 0.9 percent in the week ended May 16.

The seasonally adjusted index of refinancing applications rose MBA 3.8 percent, while the gauge of loan requests for home purchases, an important indicator of home sales, fell 2.8 percent.

Mortgage rates 30-year fixed averaged 4.33 percent this week, the lowest rate since November 2013 and 6 basis points from 4.39 percent the previous week.

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

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