- Bankruptcies Jump, Hitting Highest Level in Four Years
- AIG, Ex-CEO Greenberg Reach Pact to Settle Disputes
- Bank of America CEO Search May Extend Into 2010
- Steepest Black Friday Discounts, Revealed
- 'Cancer of Fraud' Permeates Health Care System: Critics
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- Where Do Pardoned Turkeys Go?
- For Many in US, It Will Be a Scaled-Down Holiday Season
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- The Executive Job Search
- S&P Stocks Trading at New 52-Week Highs
- Where Do Pardoned Turkeys Go?
- Judge Erases Couple's $525,000 Mortgage Payment
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- Salvation Army's Kettles Now Credit Card-Ready
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Topless Business Is Taking Off
- 'Cancer of Fraud' Permeates US Health Care System
Text Size 
Applications for U.S. home mortgages rose for the first week in a month as falling interest rates increased incentives to refinance existing loans, according to data from an industry group on Wednesday.
 |
David Zalubowski / AP |
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity climbed 3 percent to 684.9 in the week ended Feb. 29.
The MBA's seasonally adjusted index of refinancing applications jumped 4.5 percent to 2,569.0, marking the first increase since Jan. 25.
The seasonally adjusted MBA index measuring loan applications for home purchases edge up 1.4 percent to 363.1.
The rise came as fixed 30-year mortgage rates averaged 5.98 percent last week, plunging from 6.27 percent the previous week.
Falling mortgage rates mirrored the declines in long-term yields on U.S. government securities that came as investors sought stability from stock market volatility.
Reports last week showing consumer confidence at its lowest level in 16 years and larger-than-expected losses at financial companies fueled fears of recession and calls for deeper short-term interest rate cuts by the Federal Reserve.
Benchmark U.S. Treasury yields have risen this week on rising concern that lower Fed rates will fuel faster inflation.
Despite lower rates, many analysts expect the housing slump will worsen through 2009 as rising foreclosures add to already burgeoning inventories.
Sales of existing homes fell for a sixth straight month in January, while prices tumbled 4.6 percent from a year earlier.
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes