Applications for U.S. home mortgages rose last week to their highest level since January as falling interest rates encouraged more loan refinancings, data from an industry group showed Wednesday.
The seasonally-adjusted index of total mortgage applications increased 4.3 percent in the week ended Nov. 10 to 647.5, according to the Mortgage Bankers Association. The four-week moving average for the applications index hit 606.8, up 2.6 percent on the week.
Residential mortgage refinancing surged to its fastest rate since October 2005, the MBA said. Refinancing accounted for 48 percent of all applications, the most since February 2005.
Tags: Homes for Sale, Real Estate, Mortgages, foreclosures, Realtors
