Mortgage Applications Up on Lower Rates

Washington, DC, Oct. 15, 2014 -- Mortgage application volume rose 5.6% last week from the previous week as interest rates fell, according to the Mortgage Bankers Association.

The Market Composite Index increased 5.6% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 11% while the Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 4% from a year ago.

Refinancing activity accounted for 59% of total applications, the highest level since February, from 56% the previous week.

The average interest rate for 30-year fixed-rate mortgages decreased to 4.20%, the lowest since June 2013, from 4.30%.

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