U.S. Mortgage Applications Rise as Interest Rates Settle

“Applications for U.S. home mortgages surged last week at the fastest pace in two months as interest rates dropped for a fourth week in a row, an industry group said Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 8.2 percent in the week ended May 6.

“Rates dropped again last week as the Federal Reserve continued its asset purchase program,” Michael Fratantoni, MBA’s vice president of research, said in a statement.”

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