WASHINGTON, March 22 (Xinhua) — U.S. mortgage applications climbed 3 percent over the past week, according to data published Wednesday from the Mortgage Bankers Association (MBA).
Demand increased for refinancing and home buys, and that boosted the market composite index. The index is a measure of the volume of applications.
The market index increased to 221.0 for the week that ended March 17, but remained half of what it was in the same period last year.
The refinance index was up 4.9 percent, but down a whopping 68 percent compared with the same period last year.
The average 30-year mortgage contract for homes of 726,200 U.S. dollars or less stood at 6.48 percent for the week. The number ticked down from the prior week\’s 6.71 percent.