U.S. mortgage applications are up last week

U.S. mortgage applications for buying or refinancing a home climbed to a two-month high last week, as home borrowing costs fell to their lowest in over a year, data from the Mortgage Bankers Association showed.

The industry group’s seasonally adjusted index on mortgage activity moved up 1.6% to 390.0 in the week ended March 15. This was the highest reading since 400.6 in the week of Jan. 18. Interest rates on 30-year fixed-rate mortgages with conforming loan balances of $484,350 or less decreased to 4.55%, the lowest since the Feb. 2, 2018 week. They averaged 4.64% a week earlier.

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