Mortgage applications rose last week

Applications for U.S. home mortgages increased last week as consumers took advantage of lower rates to purchase homes and refinance mortgages on their homes, an industry group said on Wednesday.

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The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity increased 16.2 percent to 682.9 in the week ended Jan. 14, after falling 3.0 percent in the MBA's prior week survey.

The MBA's purchase index, a gauge of loan requests for home purchases, rose 14.0 percent last week to 448.1, more than offsetting the 5.8 percent drop the previous week.

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The MBA's seasonally adjusted index of refinancing applications climbed 19.1 percent to 2,048.6, adding to the 1.1 percent rise the prior week.

Fixed 30-year mortgage rates averaged 5.64 percent last week, excluding fees, down 6 basis points from 5.70 percent the previous week.