Mortgage applications rise 4.9 percent on low rates
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
A trade group says mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades.
The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent.
The numbers are adjusted for seasonal factors.
While refinancing is at its highest level since May 2009, low mortgage rates have done little to boost home sales, which have been hurt by high unemployment, slow job growth and strict credit standards.
Rates have fallen since spring as investors sought the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.