US MBA mortgage applications advance in first week of December

Applications for US home mortgages rose last week, data released on Wednesday showed.

The Mortgage Bankers Association (MBA) said its seasonally adjusted index of application activity, which covers home purchase demand and refinancing demand, climbed 1.2% in the week ended 4 December.

The seasonally adjusted sub-index of refinancing applications gained 4%, while the index of loan requests for home purchases, a key indicator of home sales, was flat but remained 29% higher year-on-year.

Meanwhile, fixed 30-year mortgage rates increased from 4.12% to 4.14%.