Home Mortgage Applications Increase

Washington, DC, March 4, 2015—Applications for U.S. home mortgages edged up last week as interest rates dipped according to Mortgage Bankers Association (MBA) figures, Reuters reports.

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

Reuters reports that the MBA's seasonally adjusted index of refinancing applications rose 0.5%, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 0.2%.

The refinance share of total mortgage activity was unchanged at 62% of applications compared with the week before, says Reuters.

Fixed 30-year mortgage rates averaged 3.96% in the week, down three basis points from 3.99% the previous week.

MBA says that the survey covers over 75% of U.S. retail residential mortgage applications.