Mortgage applications last week climbed by the most in three months as Americans rushed to refinance their homes amid rising interest rates.
The Mortgage Bankers Association's index rose 7.9 percent in the period ended Sept. 12, the biggest jump since the beginning of June, to reverse a 7.2 decline in the prior week, the Washington-based trade group reported today.
The refinancing gauge rose 10.3 percent, also the most since early June, while the measure of purchase applications climbed 4.8 percent.
The share of applicants seeking to refinance climbed to 57.2 percent, the highest since late February, today's report showed.
The average rate on a 30-year fixed loan climbed for a second week, rising to a three-month high of 4.36 percent. The average rate on a 15-year mortgage also advanced, increasing to 3.56 percent, the highest since April.