Loan demand ticked up last week, rebounding after last week’s slump in mortgage applications that plunged 12.8 percent, the Mortgage Bankers Association reports.
Applications for refinancing and home purchases rose 1 percent for the week ending Dec. 6. Broken out, refinance applications increased 2.1 percent, while applications for home purchases — viewed as a leading gauge for future home sales — rose 0.9 percent during the week.
The MBA reports that the average 30-year fixed-rate mortgage increased to its highest level since late September, averaging 4.61 percent last week. The prior week 30-year rates had averaged 4.51 percent. Fifteen-year fixed-rate mortgages also increased, rising to 3.66 percent from 3.56 percent over the prior week.
Source: “U.S. MBA Mortgage Applications Index Increased 1% Last Week,” Bloomberg (Dec. 11, 2013)