Investing.com - The number of mortgage applications in the U.S. rose for the second week in a row, as interest rates dipped slightly, industry data showed on Wednesday.
In a report, the Mortgage Bankers Association said their mortgage market index, a measure of mortgage loan application volume, increased by a seasonally adjusted 0.9% in the week ending September 2 to 549.9. That follows a gain of 2.8% to 545.2 in the preceding week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dipped slightly to 3.67% from 3.68% in the preceding week.
"Although the pace of job growth slowed in August, purchase volume continues to run strong at 7% above last year at this time. This strength is broad based, with growth at both the high and low ends of the market," said Mike Fratantoni, chief economist for the MBA.
The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.
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