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by CareyBot

Demand for purchase mortgages picked up last week to the highest level seen since the end of May, but remained nearly 40 percent below the same time last year, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.Requests to refinance accounted for 81.9 percent of mortgage applications during the week ending Sept. 3 -- an indication that record-low interest rates are motivating existing homeowners to lock in a better rate, but aren't getting would-be homebuyers off the fence.An index measuring demand for purchase mortgages was up a seasonally adjusted 6.3 percent from one week earlier, but was 38.8 percent lower than the same week a year ago.An index measuring applications for refinancing was down 3.1 percent from the previous week -- th...