KSE100 34408.05  ▲ Increased By 386.08 (1.13%)
KSE30 15071.48  ▲ Increased By 215.83 (1.45%)
BR100 3542.91  ▲ Increased By 42.56 (1.22%)
BR30 18504.96  ▲ Increased By 58.77 (0.32%)

Business Recorder Logo

Jun 02, 2020 PRINT EDITION

NEW YORK: US homeowners filed the most applications to refinance their current mortgages in over three years as 30-year borrowing costs slipped to their lowest levels since late 2016, the Mortgage Bankers Association said on Wednesday.

The Washington-based group's seasonally adjusted index on mortgage refinancing activity edged up 0.4% to 2,754.7 in the week ended Aug. 16, which was its highest since July 2016.

Interest rates on 30-year, fixed-rate mortgages averaged 3.90%, down 3 basis points from the prior week. This was their lowest reading since the week of Nov. 4, 2016.

Copyright Reuters, 2019