Mortgage filings up on refinance demand
Loan, Mortgage Document, Application Form, lender, Finance, Applying, Pen, borrower, borrow, borrowing -- for lsblog15 (iStock) Credit: ISTOCK/
Demand for refinancing fueled the largest increase in U.S. mortgage applications in four months, the Mortgage Bankers Association reported Wednesday.
The industry group said that in the week ended July 15, its seasonally adjusted index of application activity -- refinancing and home purchase applications -- rose 15.5 percent for the week ended July 15, the largest increase since March.
In a statement, Michael Fratantoni, the MBA's vice president of research, said, "Ongoing turmoil in the financial markets primarily due to the sovereign debt crisis in Europe has brought mortgage rates back to their lowest levels of the year."
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