U.S. mortgage applications rose for a second consecutive week as demand for home refinancing rose to its highest level since March, an industry trade group said on Wednesday, even as other measures point to a slowing housing sector. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity which includes both refinancing and purchasing loans, last week increased 1.4 percent to 561.2 — its highest level in 11 weeks.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, last week averaged 6.54 percent, up 0.09 percentage point from the previous week when they sank to their lowest level since March. The rates hit a four-year high of 6.86 percent last June. After historically low mortgage rates helped fuel a five-year housing boom, the sector is feeling the heat and most analysts agree the market is cooling off from its record run. They point to housing market indicators showing sliding sales, swelling supply and slower price appreciation.

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