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U.S. mortgage applications rise even as rates jump

Published 09/26/2018, 08:39 AM
Updated 09/26/2018, 08:40 AM
© Reuters. An unoccupied home is seen in the Penn Estates development where most of the homeowners are underwater on their mortgages in East Stroudsburg

NEW YORK (Reuters) - U.S. mortgage applications increased last week even as home borrowing costs jumped with interest rates on some 30-year fixed-rate loans reaching their highest levels in more than seven years, the Mortgage Bankers Association said on Wednesday.

The Washington-based group's seasonally adjusted index on requests for a loan to buy a home and to refinance an existing home rose 2.9 percent to 352.5 in the week ended Sept. 21.

© Reuters. An unoccupied home is seen in the Penn Estates development where most of the homeowners are underwater on their mortgages in East Stroudsburg

Interest rates on 30-year conforming mortgages, whose balances are $453,100 or less, averaged 4.97 percent, which was the highest since April 2011. Last week, they averaged 4.88 percent.

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