Mortgage applications in the US inched up 1.3 percent last week from a week ago, according to the Mortgage Bankers Association (MBA).
At the same time, the refinancing index climbed two percent from the previous week, reaching its highest level since February 10. This is based on MBA’s weekly survey which covers over 75 percent of all US retail residential mortgage applications.
The MBA added that on a seasonally-adjusted basis, purchasing dropped slightly from a week earlier.
The low mortgage rates convinced many homeowners to refinance their mortgages, but a number of prospective buyers opted not to take on new debt due to tougher lending requirements.
Meanwhile, applications filed to refinance existing mortgages grew to 78 percent of overall applications, up from 77 percent in the previous week.
Adjustable-rate mortgages stood firm at around five percent of last week’s activity.
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