U.S. mortgage applications hit highest level since October 2016

FILE PHOTO: Homes are seen for sale in the northwest area of Portland
FILE PHOTO: Homes are seen for sale in the northwest area of Portland, Oregon March 20, 2014. REUTERS/Steve Dipaola/File Photo

April 3, 2019

NEW YORK (Reuters) – U.S. mortgage applications jumped to their highest level since October 2016, led by a surge in refinancing activity, as some home borrowing costs declined to their lowest levels in more than a year, the Mortgage Bankers Association said on Wednesday.

The Washington-based group’s seasonally adjusted index on requests for loans to buy a home and to refinance one increased 18.6% to 503.6 in the week ended March 29. This was the strongest reading since 512.9 in the week of Oct. 14, 2016.

(Reporting by Richard Leong; Editing by Chizu Nomiyama)

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