Personal Finance

US Mortgage Applications Rebound in Latest Week: MBA

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Applications for U.S. home mortgages rose for a second straight week following three weeks of declines, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, surged 15.2 percent in the week ended Jan 11.

The index of refinancing applications jumped 15.3 percent, while the seasonally adjusted purchase index increased 12.9 percent to the highest level since April 2011.

The refinance share of total mortgage activity held steady at 82 percent of applications.

Fixed 30-year mortgage rates were flat at an average 3.61 percent after rising from 3.52 percent the week before last. It was the highest level since early November.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.