Mortgage applications rise first time in four weeks: MBA

Home owners speak with Bank of America representatives as they try to get home loan modifications during the Neighborhood Assistance Corporation of America event in PhoenixNEW YORK (Reuters) – Applications for U.S. home loans rose for the first time in four weeks as mortgage rates fell from their highest level this year, although demand for purchase loans slipped, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 1.3 percent in the week ended August 30, after sliding 2.5 percent the prior week. The rise came as 30-year mortgage rates fell to 4.73 percent versus 4. …

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