U.S. mortgage applications increased for the fifth week in a row, boosted by an increase in mortgage applications for purchases, the Mortgage Bankers Association announced Wednesday in a statement.
The Mortgage Bankers Association's index of applications to buy a home or refinance a loan increased 3% last week to 1086.6 -- it's highest level since March 2004. The group's purchase index increased 12% and the refinancing gauge fell 1%.
Meanwhile, the average rate for a 30-year fixed loan rose to 5.61% from 5.60% the prior week. Rates have declined about one-half percentage point since the end of 2007. The average rate for a 15-year fixed mortgage increased to 5.09% from 5.04%.
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