The number of mortgage applications in the US edged up last week, attributed to an increase in refinance applications, according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA).
It noted that the Market Composite Index of US mortgage applications, which measure the mortgage loan application volume, surged 4.1 percent last week, on a seasonally adjusted basis.
The Refinance Index, on the other hand, climbed 9.3 percent, while the seasonally adjusted Purchase Index declined 8.2 percent.
Meanwhile, the four-week moving average for the seasonally adjusted Market Index rose 0.65 percent from the previous week, while the four-week moving average surged 1.55 percent for the seasonally adjusted Purchase Index.
The survey also showed that the refinance share of total applications rose to 79.7 percent, reflecting the highest share since the start of this year, from 76.0 percent in the previous week.
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