US mortgage applications up as interest rates drop

U.S. mortgage applications rose last week, reflecting an increase in demand for home refinancing loans as interest rates trekked lower, data from an industry group showed on Wednesday.

However, demand for home purchase loans dropped, an indicator of home sales. The decrease may help gauge how the hard-hit U.S. housing market is faring this spring, the peak home buying season.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications , which includes both purchase and refinance loans, for the week ended May 15 increased 2.3 percent to 915.9.

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- Posted: 2009-05-20 10:05:44

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