Mortgage Applications Rise on Lower Rates
Washington, DC, Sept. 26, 2012 -- Mortgage application volume rose last week as interest rates dropped to record lows, according to the Mortgage Bankers Association.
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MBA said its seasonally adjusted index of mortgage application activity rose 2.8% in the week ended Sept 21.
Refinancing applications climbed 3.3%, while home purchase applications added 0.7%.
The refinance share of total mortgage activity increased to 81.2% of total applications, the highest share since early August.
Fixed 30-year mortgage rates fell to 3.63%, the lowest level in the history of the survey.