NEW YORK (Reuters) - U.S. mortgage applications rose for the first time in seven weeks as 30-year home borrowing costs retreated further from near seven-year peaks seen last month, the Mortgage Bankers Association said Wednesday.
The Washington-based group’s seasonally adjusted gauge on overall home loan applications rose 4.1 percent to 370.8 in the week ended June 1. The index was at 356.1 the prior week, which was the lowest reading since the week of Jan. 1, 2016.
Interest rates on 30-year fixed-rate “conforming” home loans, whose balances are $453,100 or less, declined for a second week to 4.75 percent from 4.84 percent the prior week. Two week earlier, it reached 4.86 percent, the highest since April 2011, according to MBA data.
Reporting by Richard Leong; Editing by Chizu Nomiyama