U.S. mortgage applications moved higher last week, led by a jump in requests for refinancing, as home borrowing costs fell to their lowest levels in nearly 17 months, the Mortgage Bankers Association said on Wednesday.
The Association's seasonally adjusted index on loan requests to buy a home and to refinance one rose 1.5% to 417.8 in the week ended May 31.
Interest rates on 30-year fixed-rate “conforming” mortgages or loans whose balances are $484,350 or less decreased to 4.23%, which was the lowest since January 2018. A week ago, they averaged 4.33%.