Refinancing Falls, Home Purchase Applications Up

Mortgage Bankers Association

Washington, DC, Sept. 8, 2010--Mortgage application volume fell for the first time in six weeks as fewer Americans refinanced.

The Mortgage Bankers Association’s index fell 1.5 percent in the week ended Sept. 3. Refinancing declined by 3.1 percent, while applications for purchases rose 6.3 percent.

Mortgage rates increased from a record low, prompting the first decline in refinancing in six weeks. The third straight gain in purchases points to some stabilization in a housing market.

The average rate on a 30-year fixed mortgage increased to 4.50 percent from 4.43 percent the prior week, which was the lowest in data going back to 1990.

The average rate on a 15-year fixed loan rose to 4 percent from 3.88 percent. The rate on a one-year adjustable increased to 7 percent from 6.95 percent.

The share of applications seeking to refinance a loan dropped to 81.9 percent from 82.9 percent, which was the highest since January 2009.


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