Mortgage applications in the U.S. rose last week as lower mortgage rates prompted an increase in refinancing and home purchases.
The Mortgage Bankers Association’s index climbed 7.7 percent in the period ended March 22 after falling 7.1 percent in the prior week, the Washington-based group reported today. The refinance gauge increased 8 percent, while the purchase index advanced 6.7 percent.
The average rate on a 30-year fixed loan fell to 3.79 percent from 3.82 percent in the prior period. The rate reached a record-low of 3.47 percent in the first week of December. The cost of a 15-year mortgage held at 3.02 percent.
The share of applicants seeking to refinance a loan rose to 75 percent from 74.8 percent, today’s report showed.
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