August 14, 2006

Mortgage Applications Bounce Back

Mortgage Applications

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According to industry trade group, U.S. mortgage applications rebounded from 4-year lows as mortgage rates slipped across the board.

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The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended August 4 increased 4.9 percent to 553.3 from the previous week's 527.6.

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Applications had slipped to their lowest level in more than four years during the previous week.

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Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.45 percent, down 0.17 percentage point from the previous week.

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