MBA mortgage applications edge higher in week to 21 August

Applications for US home mortgages grew last week, data released on Wednesday showed.

The Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, climbed 0.2% in the week ended 21 August.

The seasonally adjusted sub-index of refinancing applications fell 1%, while the index of loan requests for home purchases, a key indicator of home sales, rose 1.7%.

The survey, which covers over 75% of US mortgage applications according to the MBA, found that the refinance share of total mortgage activity declined from 55.5% the previous week to 55.3% of total applications.

Meanwhile, fixed 30-year mortgage rates fell three basis points from the previous week to a 4.08% average.