Mortgage applications in the U.S. rose for a second week as more Americans refinanced their properties and purchases picked up.
The Mortgage Bankers Association's index climbed 2.8 percent in the period ended Aug. 22 after a 1.4 percent advance the prior week, the Washington-based trade group reported today.
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The refinancing gauge also climbed 2.8 percent following a 2.7 percent advance. The purchase applications measure rose 2.6 percent, the first increase since July.
The share of applicants seeking to refinance climbed to 55.7 percent of loans, the highest since mid-March, from 55.1 percent a week earlier, today's report showed.
The average rate on a 30-year fixed loan fell to 4.28 percent from 4.29 percent. The average 15-year mortgage rate climbed to 3.47 percent from 3.44 percent.
To contact the reporter on this story: Jeanna Smialek in Washington at jsmialek1bloomberg.net To contact the editors responsible for this story: Carlos Torres at ctorres2bloomberg.net Vince Golle