Mortgage Loan Applications Rise on Refinance Demand
In the week ending July 2, the total number of applications for loans rose 6.7 % on a seasonally adjusted basis from a week earlier, the Mortgage Bankers Association said. A total of 78.7% of the loan applications were to refinance existing homes, the highest proportion since April 2009.
Loan applications to buy a home fell by 2% from a week earlier.
The average contract interest rate for 30-year fixed-rate mortgages rose slightly to 4.68% from 4.67%.