Mortgages increase for the fourth week

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With mortgage rates at fresh record lows, mortgage activity was higher for the fourth straight week, according to the Mortech-MortgageDaily.com Mortgage Market Index.

“It was a small increase, but an increase all the same,” said MortgageDaily.com editor Sam Garcia

Purchase activity was up and rates were down.

The index was 355 for the week ended Aug. 25, rising from 350 last week. The index has been higher each week since July 28, when it stood at 310.

Refinances were slightly weaker, suggesting that purchase applications were responsible for this week’s rise. Conventional fixed rates were down, and jumbo rates at about 5.45 percent according to Bankrate.com were unchanged.

“There was no stopping the 30-year fixed-rate mortgage. Freddie Mac reported the average 30-year at 4.36 percent – another record low based on data back to 1971,” Garcia said. The 30-year rate was 4.42 percent a week earlier and 5.14 a year earlier.