Mortgage Applications Near Record Rate

Americans applied for mortgages to buy homes in near-record numbers last week, rushing to beat rising interest rates, according to a report.

Applications for mortgages to buy homes rose 6.9% in the week ended Aug. 1, seasonally adjusted, to their second-highest level since the survey began in 1990, according to a report from the Mortgage Bankers Assn. of America.

But applications for loans to refinance dropped 2.4%, seasonally adjusted, from the previous week, and are down 59% from late May levels.