US home loan demand at 3-month high as rates fall

U.S. mortgage applications surged last week to their highest since late May as consumers sought to take advantage of the lowest interest rates in months, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said rates on 30-year fixed-rate mortgages tumbled to a 3-month low, spurring a surge in demand for home refinancing loans. Applications to buy a home, a tentative early indicator of sales, also climbed, hitting their highest since early January.

The overall trend bodes well for the hard-hit U.S. housing market, which has been showing signs of stabilization.

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- Posted: 2009-09-09 10:38:56

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