Refinancing Pushes Up Mortgage Applications

U.S. consumers rushed to refinance their mortgages last week even though 30-year mortgage rates remained relatively flat, an industry group said.

The Mortgage Bankers Assn.’s index on new refinancing applications increased 10.6% to 2,375.4 for the week ended Nov. 12. The association’s purchase index -- a gauge of new loan requests for home purchases -- dropped by 0.6% last week to 480.3.

The MBA said its overall seasonally adjusted market index, a measure of mortgage activity, rose by 4.3% to 758.3.