Applications for U.S. home mortgages rose last week as demand for refinancing edged up, though demand for mortgages for purchases dropped, an industry group said on Wednesday.
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The Mortgage Bankers Association reported its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 0.2% in the week ended July 27.
The MBA's seasonally adjusted index of refinancing applications rose 0.8%, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 2.1%.
The refinance share of total mortgage activity rose to 81.2% of applications from 80.8% the week before.
Fixed 30-year mortgage rates averaged 3.75% in the week, up 1 basis point from 3.74% the week before.
The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.