“Applications for U.S. home mortgages surged last week as demand for refinancing rose to the highest level in more than three years, driven by a drop in interest rates to yet another record low, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, jumped 16.6 percent in the week ended Sept 28.
The index of refinancing applications surged 19.6 percent, hitting the highest level since April 2009.
The gauge of loan requests for home purchases – a leading indicator of home sales – also rose, though not as strongly, gaining 3.9 percent.”
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