US mortgage applications rise again
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US mortgage applications climbed last week, the third increase in a row, hitting their highest level since April as more homeowners refinanced following a recent cut in borrowing costs.
The index of total mortgage applications came in 2% higher at 595.8 in the week ended 15 September, according to the Mortgage Bankers Association.
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The index was 772.2 this time last year, although analysts reckon the 0.5% cut in 30-year fixed mortgage rates as prevented a more severe decline.
Elsewhere within the report, the gauge of refinancing was up 9.5% to 1748.7, while the measure of home purchases dropped by 3% to 397.7 from a nine week high last time.
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