Mortgage applications up last week: MBA
NEW YORK (Reuters) - U.S. mortgage applications rose for the first time in a month, mostly driven by a robust rebound in home refinancing volume even as interest rates rose, an industry trade group figures showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended December 2 increased 5.2 percent to 656.7, up from the previous week's 624.1.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.32 percent, up 0.12 percentage point from the previous week's 6.20 percent. It was the first increase in three weeks.
The MBA's seasonally adjusted purchase mortgage index rose 4.0 percent to 495.1 from the previous week's 476.2. The index is considered a timely gauge on U.S. home sales.
The group's seasonally adjusted index of refinancing applications climbed 7.0 percent to 1,596.4 compared with 1,484.3 the previous week. This was the first increase in the index in seven weeks.
News date: 07 December 2005 - 13:30
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