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Applications for home mortgages in the United States edged up slightly last week as mortgage rates fell further.
The Mortgage Bankers Association's (MBA) seasonally adjusted mortgage application index ticked up 0.9 percent for the week ending December 19, the trade group reported Wednesday. Unadjusted, the index rose 0.4 percent.
Refinance volumes climbed 1 percent over the week, accounting for 67 percent of total applications, MBA reported. Refinance activity got a boost from declining mortgage rates, which averaged 4.02 percent for 30-year fixed-rate loans—down from 4.06 percent and the lowest rate since May 2013.
The group's seasonally adjusted gauge of purchase applications also increased 1 percent. Unadjusted, purchase application volumes were down 1 percent week-over-week, falling short of last year's figure by about the same amount.
