US mortgage applications up 1.7%

By Romesh Navaratnarajah:The volume of mortgage applications in the US climbed 1.7 percent last week, according to the Mortgage Bankers Association (MBA).

Latest figures indicate that the four-week moving average for home loan applications rose 1.1 percent, while refinancing edged up 1.8 percent.

In a report by The Wall Street Journal, the growth was mainly attributed to record low rates that have lured new home buyers and convinced many homeowners to refinance their mortgages.

The MBA's weekly survey also showed that refinancing activity ticked up 1.3 percent while home purchases rose by a seasonally adjusted 3.4 percent during the week.

The average rate for 30-year fixed mortgages fell to 4.01 percent from 4.05 percent, while average 15-year fixed-rate mortgages dropped to 3.29 percent from 3.31 percent, hitting its lowest level in the survey's history. Related Stories:Bofa alerts customers to new mortgage settlement programme

Wells Fargo gains market share as competitors retreat

Golden opportunity for Aussie borrowers

More from PropertyGuru:
Bofa alerts customers to new mortgage settlement programme
Wells Fargo gains market share as competitors retreat
Golden opportunity for Aussie borrowers