Applications for U.S. home mortgages rose last week as demand for both refinancing and purchase loans increased, an industry group said on Wednesday.
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The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 2.8% in the week ended Aug. 22.
The MBA's seasonally adjusted index of refinancing applications rose 2.8%, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 2.6%.
Fixed 30-year mortgage rates averaged 4.28% in the week, down 1 basis point from the week before.
The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.