WASHINGTON -- Mortgage applications in the United States climbed last week as record-low borrowing costs spurred home purchases and refinancing.
The Mortgage Bankers Association’s (MBA) index rose 6.2 percent in the period ended Dec. 7 from the prior week, the Washington- based group said Wednesday.
The group’s purchase measure gained 0.7 percent to the highest level in a year, and its refinancing gauge advanced 8 percent.
The average rate on a 30-year fixed loan dropped to 3.47 percent, the lowest in records dating back to 1990, from 3.52 percent the prior week.
Borrowing costs on a 15-year fixed mortgage fell to 2.85 percent from 2.86 percent.
The share of applicants seeking to refinance a loan rose to 84 percent from 82.5 percent the previous week.
Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.
SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.
All contents herein copyright San Diego Source ® 1994-2016