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Lending activity on the rise

Wednesday, March 5, 2003 | 10:05 a.m.

WASHINGTON -- An index of applications for U.S. mortgages rose last week to a four-month high as cheaper borrowing costs sparked near-record refinancing and a rebound in home purchases.

The Mortgage Bankers' Association of America's mortgage applications index rose 10.8 percent in the week ended Friday to 1265.4, the highest since October. The refinancing index jumped 10.4 percent to 6614, the highest since the week of Oct. 11 and close to the record of 6926.9.

Homeowners have been tapping the equity in their homes and using some of the proceeds to spend. Consumer purchases account for more than two-thirds of the economy. The economy this year may not get as much support from refinancing as it did in 2002, according to Alan Greenspan, chairman of the Federal Reserve.

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