Mortgage Applications Up as Refinancing Picks Up

September 19 2007 CNBC.com Applications for U.S. home mortgages climbed for a third straight week as more borrowers sought to refinance loans on which payments may be about to rise, an industry group said Wednesday. The increase was led by the seasonally adjusted index of applications for home refinancings, which jumped 4.6 percent to 1,962, the highest level since May 18, the MBA said. The MBA gauge for home purchase applications edged 0.9 percent higher to 452.0 last week, it said. The indexes underscore a growing urgency of homeowners with 5 million adjustable-rate mortgages slated to reset at higher rates over the next 18 months. Concern that resets will boost delinquencies and foreclosures has risen as lenders eliminate programs that once accepted riskier borrowers, and increase requirements for consumers with good credit.

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