Mortgage applications rebound
Requests for home loans and refinancing activity increased last week after falling to 7-month lows the week before.
| 30 yr fixed | 3.80% |
| 15 yr fixed | 3.20% |
| 5/1 ARM | 3.84% |
| 30 yr refi | 3.82% |
| 15 yr refi | 3.20% |
NEW YORK (Reuters) -- Demand for mortgages to buy homes and refinance loans bounced from seven-month lows last week, with average 30-year borrowing rates unchanged, the Mortgage Bankers Association said on Wednesday.
The industry group's total loan applications index rose a seasonally adjusted 10.9% to 493.1 in the week ended July 3, after slumping the prior week to the lowest level since November.
Last week's report was adjusted to account for the Independence Day holiday on Friday.
A sudden spike in home loan rates from record lows in the spring had derailed a race by homeowners to cut monthly costs by refinancing.
The group's seasonally adjusted refinancing index rose 15.2% last week to 1,707.7, after a 30% plunge in the prior week.
Purchase applications, which lagged refinancing demand all through the spring home sales season, rose 6.7% last week to 285.6.
The average 30-year mortgage rate stayed at 5.34% last week. That was up from the record low 4.61% in late March, based on MBA data, but sharply below 7.04% in the same week a year ago.
On a four-week moving average, which smooths out volatility, the purchase index rose 1.4% and the refinance index fell 10.9%. 
