New York, NY, August 17--Applications for home mortgages climbed last week, snapping a three-week decline, as interest rates fell for the first time since June, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 2.2 percent to 761.3 in the week ended Aug. 12, following three straight weeks of falls.
The climb in mortgage activity was led by refinancings. The group's seasonally adjusted index of refinancing applications rose for the first time in a month, climbing 5.0 percent to 2285.5 after falling 3.3 percent the prior week.
The MBA's purchase index, a gauge of loan requests for home purchases, increased 0.1 percent to 499.3, adding to the previous week's 0.9 percent gain.
After steadily climbing since late June, fixed 30-year mortgage rates fell last week, averaging 5.79 percent, excluding fees, down 12 basis points, or 0.12 of a percentage point, from 5.91 percent the previous week.
The 30-year mortgage rate stood at 5.47 percent in the week ended June 24, its lowest level in 2005.
