Investing.com – U.S. mortgage applications rose 4% last week on a seasonally adjusted basis from one week earlier, an industry group said on Wednesday.
The rise in the Mortgage Bankers Association's Market Composite Index came after a decline of 2.9% during the previous week. The group's Refinance Index decreased 2.1% from the previous week and the seasonally adjusted Purchase Index increased 13.0% from one week earlier.
Michael Fratantoni, the association's vice president of research and economics, said in a statement: "Purchase application activity continued to increase in the last week of the homebuyer tax credit program.
"Purchase applications were up 13% over the previous week and almost 24% over the last month, driven by significant increases in both conventional and government purchase applications."
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.45% to reach 1.2929.
The rise in the Mortgage Bankers Association's Market Composite Index came after a decline of 2.9% during the previous week. The group's Refinance Index decreased 2.1% from the previous week and the seasonally adjusted Purchase Index increased 13.0% from one week earlier.
Michael Fratantoni, the association's vice president of research and economics, said in a statement: "Purchase application activity continued to increase in the last week of the homebuyer tax credit program.
"Purchase applications were up 13% over the previous week and almost 24% over the last month, driven by significant increases in both conventional and government purchase applications."
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD shedding 0.45% to reach 1.2929.