July 18, 2018 / 1:25 PM / in 3 months

U.S. home refinancing recovers from 17-1/2 year low: MBA

NEW YORK (Reuters) - U.S. loan applications to refinance existing homes rebounded from their lowest levels in over 17-1/2 years last week, while home borrowing costs were mixed, data from the Mortgage Bankers Association showed on Wednesday.

A worker installs a metal roof on the top of a single story family home being built in San Diego, California, U.S., July 17, 2017. REUTERS/Mike Blake

The Washington-based industry group said its seasonally adjusted index on homeowners’ requests for refinancing rose 2.2 percent to 979.6 in the week ended July 13. The prior week’s figure of 958.5 was the lowest since December 2000.

Refinancing’s share of weekly mortgage activity recovered to 36.5 percent from 34.8 percent the week before, which was the lowest since August 2008, MBA said.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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