Applications for U.S. home mortgages rose last week as borrowing rates declined to their lowest since May, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 4.7 percent in the week ended July 31.
The MBA’s seasonally adjusted index of refinancing applications rose 5.9 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 3.3 percent.
The refinance share of total mortgage activity rose to 51.3 percent of applications from 50.6 percent the week before.
