NEW YORK, Wed Sep 19, 2012 – Applications for home mortgages dipped last week, though demand for refinancings rose as mortgage rates fell to a record low, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, edged down 0.2 percent in the week ended Sept 14.
The seasonally adjusted index of refinancing applications gained 0.80 percent. The gauge of loan requests for home purchases, a leading indicator of home sales, tumbled 3.8 percent.
The refinance share of total mortgage activity rose to 81 percent of applications from 80 percent the week before.
Fixed 30-year mortgage rates fell 3 basis points to average 3.72 percent, the lowest rate in the history of the survey.
The survey covers more than 75 percent of U.S. retail residential mortgage applications, according to MBA.
NEW YORK – Applications for home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7.5 percent in the week ended Feb 3.
The MBA’s seasonally adjusted index of refinancing applications climbed 9.4 percent, while the gauge of loan requests for home purchases was nearly flat, edging up just 0.1 percent.
The refinance share of total mortgage activity also increased to 80.5 percent of applications, from 80.0 percent.
Fixed 30-year mortgage rates averaged 4.05 percent, down 4 basis points from 4.09 percent the week before.
The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.
HOUSTON ― Dynegy Inc. said Monday it completed its $1.7 billion debt restructuring deal and separated its coal-fueled and gas-fueled power generation units, as the third largest U.S. independent power producer works to pay off about $1.3 billion in maturing debt.
The refinancing would help strengthen Dynegy, which warned earlier this year that it might have to file for bankruptcy in the wake of two failed takeover offers and under the weight of almost $4.5 billion in debt.
The refinancing consists of a $1.1 billion, five-year senior secured term loan facility to its gas unit and a $600 million, five-year senior secured term loan to its coal unit, the company said in a statement.
The company said it will use the proceeds to repay debt and provide cash collateral for existing and future collateral requirements, among other purposes.
As of Aug. 5, Dynegy’s consolidated net debt and other obligations were about $4.4 billion, including the new facilities. It had cash and equivalents of about $1.0 billion and restricted cash of about $660 million, Dynegy said.
The refinancing efforts drew legal challenges in Delaware and New York, but a Delaware Chancery Judge ruled late last month that the deal could proceed.
Dynegy also said its net loss for the second quarter narrowed to $116 million, or 95 cents per share, from $191 million, or $1.59 per share, a year ago.
Dynegy shares closed at $4.9 on Friday on the New York Stock Exchange.