Mortgage Applications Rise, Refinancings Fall

U.S. applications for mortgage loans to buy homes, an indication of future sales activity, rose while refinancings continued to edge lower last week, an industry trade group said.

The Mortgage Bankers Assn. said its purchase index, a measure of demand for loans to buy homes, rose 2.2% to 459.8 in the week ended Friday, nearly unchanged from a year ago when rates were at historical lows.

The group’s refinancing index, a gauge of requests for mortgage loan refinancings, fell 6.6% to 1,583.6 from 1,694.9 in the prior week.