Record U.S. Mortgage Demand as Rates Sink

Americans flooded lenders with a record number of mortgage applications last week, spurred by rock-bottom rates that have mobilized homeowners to refinance. The Mortgage Bankers Assn. of America’s weekly gauge of mortgage request volume, on a seasonally adjusted basis, rose to 1,285.4 for the week ended Friday, up 8.6% from the prior week. The reading beat the previous high of 1,238.2 for the week ended Sept. 6.