U.S. mortgage applications rose 4.9 percent last week as more borrowers refinanced homes at the lowest rates in several years, a U.S. trade group said Wednesday. The Mortgage Bankers Association (MBA) said the gain was backed by a 5.7 percent increase in refinancing applications. The number of loans taken to purchase homes rose less than 1 percent. While refinancing is at its highest level since May 2009, low mortgage rates have not increased home sales. Home sales have been affected by high unemployment, slow job growth, and strict credit standards.
