Mortgage Applications Rise, Thanks to Low Interest Rates
The Mortgage Bankers Association said its Market Composite Index rose 5.8% on a seasonally adjusted basis from a week earlier. The index measures the volume of applications for loans. Demand for loans for new homes gained 5.5%, while the number of applications for loans to refinance rose 6%.
The average contract interest rate for 30-year fixed-rate mortgages was 4.28%. The average for 15-year fixed-rate mortgages was 3.64%.