Refinancing Mortgage | Mortgage Applications Rise 4.9 Pct. On Low Rates

September 4, 2010 – 12:59 am

(08-25) 07:47 PDT NEW YORK, (AP) –

Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades.

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The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted for seasonal factors.

Refinancing is at its highest level since May 2009 and makes up 82.4 percent of all new loan activity, its highest share since January 2009.

However, low mortgage rates have done little to boost home sales, which have been hurt by high unemployment, slow job growth and strict credit standards. Purchase activity is 41.5 percent below

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