US mortgage applications up as interest rates hold steady

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Mortgage applications increased 13.5 percent in the week ended Friday – its highest level since February 2018, the Mortgage Bankers Association said Wednesday.

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On an unadjusted basis, the association’s Market Composite Index increased 45 percent compared with the previous week.

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Refinancing increased 19 percent from the previous week to its highest level since March 2018.

The association’s seasonally adjusted Purchase Index increased 9 percent from one week earlier to its highest level since April 2010.

The unadjusted Purchase Index increased 43 percent compared with the previous week and was 11 percent higher than the same week one year ago.

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Low interest rates figured prominently in the increased figures.

“Uncertainty regarding the government shutdown, slowing global growth, Brexit, a more patient Fed, and a volatile stock market continued to keep rates from increasing,” Mike Fratantoni, MBA senior vice president and chief economist said.