WASHINGTON, Aug. 6 (Xinhua) -- U.S. mortgage applications rose 3.1 percent last week, according to data released Wednesday by the Mortgage Bankers Association (MBA) for the week ending Aug. 1.
"Mortgage rates moved lower last week, following declining Treasury yields as economic data releases signaled a weakening U.S. economy. As a result, the 30-year fixed rate decreased for the third straight week to 6.77 percent," said Joel Kan, MBA's vice president and deputy chief economist.
"Borrowers sought to take advantage of these lower rates, as both purchase and refinance applications increased over the week," Kan said.
The share of mortgage refinancing rose to 41.5 percent of total applications from 40.7 percent the previous week, according to the MBA data.
