Mortgage applications rose 1.2% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.42%
The numbers: Boosted by refinancing activity, mortgage demand crept up by a seasonally adjusted 1.2%.
As mortgage rates dropped across the board, demand for refinancing increased, pushing the market composite index up, the Mortgage Bankers Association said on Wednesday.The market index rose by 1.2% to 186.7 for the week ending Jan. 6, from a week earlier. A year ago, the index stood at 580.6.But the purchase index — which measures mortgage applications for the purchase of a home — fell by 0.5% from the last week. Purchase applications are at the lowest level since 2014.
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