U.S. home refinancing activity hits three-year high: MBA

[August 21, 2019]  NEW YORK (Reuters) - U.S. 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.

A home is seen in the Penn Estates development where most of the homeowners are underwater on their mortgages in East Straudsburg, Pennsylvania, U.S., June 20, 2018. REUTERS/Mike Segar

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.

(Reporting by Richard Leong)

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