U.S. mortgage applications rise as rates plunge: MBA

U.S. mortgage applications rose last week, largely reflecting a jump in demand for home refinancing loans as interest rates slid to a five-week low, data from an industry group showed on Wednesday.

Applications for loans to buy a home, an early indicator of sales, rose for a third consecutive week. The trend bodes well for the hard-hit U.S. housing market, which has been showing nascent signs of stabilization.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended August 14 increased 5.6 percent to 527.0.

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- Posted: 2009-08-19 10:08:31

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