Applications for home mortgages in the United States edged up slightly last week as mortgage rates fell further.
The Mortgage Bankers Association's [1] (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.