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U.S. MBA Mortgage Applications Index Rose 11 Percent Last Week By Shobhana Chandra July 8 (Bloomberg) — Mortgage applications in the U.S. rose last week as refinancing jumped by the most since March and purchases climbed to the highest level in three months. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan increased 11 percent to 493.1 in the week ended July 3, from 444.8 in the prior week. The group’s refinancing gauge surged 15 percent, while the index of purchases gained 6.7 percent. Foreclosure-driven declines in prices have brought more homes within reach of buyers who qualify for credit, helping to stabilize demand. At the same time, unemployment is rising and borrowing costs are edging back up, indicating any rebound for the housing industry will be slow to take hold. “Prices are coming off toward more affordable levels,” said David Semmens, an economist at Standard Chartered Bank in New York. While sales are “showing some stabilit
