US home loan demand at highest since late May

NEW YORK: US mortgage applications jumped last week to their highest since late May as interest rates tumbled below 5 per cent, data from an industry group showed yesterday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, both purchase and refinance loans, for the week ended September 18 increased 12.8 per cent to 668.5, the highest level since the week ended May 22.

While consumers clamoured for home refinancing loans, their appetite was also robust for applications to buy a home.

By Reuters