U.S. mortgage demand up for third week as rates drop

NEW YORK (Reuters) - Demand for U.S. home loans rose last week for the third straight week as mortgage rates fell to a one-month low and stoked refinancing, an industry group said on Wednesday.

Borrowers are rushing to take advantage of low borrowing costs and other incentives while they last.

The Mortgage Bankers Association's index of total home loan applications rose 9.1 percent in the week ended January 15 to 575.9 on a seasonally adjusted basis. The increase was driven by a 10.7 percent jump in the refinancing index, while home purchase demand rose 4.4 percent to 223.0 last week.

(more on this article from Reuters)


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