Mortgage Applications Up on Increased Refinancing

Washington, DC, May 20, 2009--Mortgage application volume last week rose a seasonally adjusted 2.3% compared with the week before, as mortgage rates fell, the Mortgage Bankers Association reported Wednesday.

Applications were up 42% for the week ended May 15, compared with the same week a year ago. The MBA survey covers about half of all U.S. retail residential mortgage applications.

Refinance applications rose  4.5% last week, compared with the previous week. Applications for mortgages to purchase a home fell 4.4%.

The four-week moving average for all mortgages was down 6.4%.

Applications filed for refinance mortgages rose to 73.6% of all applications, up from 71.9% the previous week.

Mortgage rates decreased last week, with 30-year fixed-rate mortgages averaging 4.69%, down from 4.76%.

Fifteen-year fixed-rate mortgages averaged 4.44%, down from 4.50%.


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