US home refinancing activity hits 3-year high

NEW YORK: US 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.

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.