Investing.com – Applications for U.S. mortgages last week rose 3.9% on a seasonally adjusted basis from one week earlier, data released by an industry group showed on Wednesday.
The increase in the Mortgage Bankers Association's Market Composite Index of came after growth of 4% during the preceding week.
The group said its Refinance Index increased 14.8% from the previous week and that its seasonally adjusted Purchase Index decreased 9.5% from one week earlier.
Michael Fratantoni, the group's vice president of research and economics, said in a statement that, "The recent plunge in rates on US Treasury securities, due to a flight to quality as investors worldwide sought shelter from the Greek debt crisis, benefitted US mortgage borrowers last week.
"Rates on 30-year mortgages dropped to their lowest level since mid-March. As a result, refinance applications for conventional loans jumped, hitting their highest level in six weeks."
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.2% to reach 1.2686.
The increase in the Mortgage Bankers Association's Market Composite Index of came after growth of 4% during the preceding week.
The group said its Refinance Index increased 14.8% from the previous week and that its seasonally adjusted Purchase Index decreased 9.5% from one week earlier.
Michael Fratantoni, the group's vice president of research and economics, said in a statement that, "The recent plunge in rates on US Treasury securities, due to a flight to quality as investors worldwide sought shelter from the Greek debt crisis, benefitted US mortgage borrowers last week.
"Rates on 30-year mortgages dropped to their lowest level since mid-March. As a result, refinance applications for conventional loans jumped, hitting their highest level in six weeks."
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.2% to reach 1.2686.