NEW YORK -- Applications for U.S. home mortgages rebounded last week as interest rates pulled back for the first time in three weeks, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7.7 percent in the week ended March 22.
The index has declined for six of the past nine weeks as rates have pulled higher. Still, interest rates remain low on a historical basis, kept down by the Federal Reserve's efforts to boost the economy by buying bonds and mortgage-backed securities.
The seasonally adjusted index of refinancing applications jumped 8 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, gained 6.7 percent.
The refinance share of total mortgage activity was unchanged at 75 percent of applications.
Fixed 30-year mortgage rates averaged 3.79 percent in the week, down 3 basis points from 3.82 percent the week before.
The survey covers more than 75 percent of U.S. retail residential mortgage applications, according to MBA.
Reporting by Leah Schnurr; Editing by Leslie Adler.
Drop in Interest Rates Boosts Demand for Home Mortgages
Wagasky barely knew her way around a kitchen when she started her money makeover.
Now she's an avid cookbook collector (she checks them out from libraries or asks for them as gifts to save), and it's one of the simplest ways she's managed to cutback on spending.
With a $7 bread-maker she scored at a local thrift shop, she never spends on store bought slices. She's not shy about professing her love for wholesale stores like Costco, which is her go-to source for baking ingredients.
"Everything must be budgeted," Wagasky wrote in a June entry on her blog. "From family outings, to toiletries to clothes purchases. It must be budgeted."
And she takes Do-It-Yourself to the extreme. Everything from laundry soap and clothing to the kitchen her husband installed in their new home was either crafted by hand or thrifted.
She swears by this home-made laundry detergent recipe. (pictured above)