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Mortgage Applications Rise to Highest Level Since June

Applications for U.S. home mortgages rose to their highest level since early June last week after an adjustment made for the Independence Day holiday, an industry group said on Wednesday.

Foreclosed California home
AP
Foreclosed California home

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity increased 7.5 percent to 513.4 in the week ended July 4.

Banks and financial markets were closed on July 4 for the holiday.

The seasonally adjusted index of refinancing applications climbed 8.7 percent to 1,379.3 last week, while the gauge of loan requests for home purchases rose 6.7 percent to 365.8, the MBA said.

Both indexes are also at their highest since the week ending June 6.

Reflecting the flood of applicants to programs sponsored by the Federal Housing Administration, the MBA's government index surged 19.8 percent in the week.

Fixed 30-year mortgage rates averaged 6.43 percent in the week, up 10 basis points from 6.33 percent the prior week.

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