Loan Demand Picks Up Steam

Mortgage applications rose 5 percent last week as mortgage rates declined, the Mortgage Bankers Association reported in its weekly mortgage market survey for the week ending April 12, which was released Wednesday.

Applications for refinancings, which make up the biggest bulk of the index, rose 5 percent, reaching its highest level since mid-January.

Meanwhile, mortgage applications for home purchases, viewed as a leading indicator of future home sales, ticked up 4 percent for the week, reaching its highest level since May 2010.

MBA reported 30-year fixed-rate mortgages, which are the most popular choice among home buyers, saw rates drop slightly last week averaging 3.67 percent, compared to 3.68 percent the prior week.

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