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US mortgage apps climbed last week

WASHINGTON -- Mortgage applications in the United States rose last week, as record-low borrowing costs spurred purchases and refinancing.

The Mortgage Bankers Association’s index climbed 12.6 percent in the period ended Nov. 9, the group said Wednesday.

The refinance gauge rose 13.1 percent and purchase applications increased 11 percent.

The average rate on a 30-year fixed loan fell to 3.52 percent, the lowest on record in the series dating back to 1990, from 3.61 percent the prior week.

Borrowing costs on a 15-year fixed mortgage fell to 2.88 percent from 2.95 percent the previous week.

The share of applicants seeking to refinance a loan rose to 81 percent last week from 80.2 percent in the prior period.

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