Mortgage Application Volume Rises
Washington, DC, Dec. 2, 2009--Mortgage application volume last week rose a seasonally adjusted 2.1%, compared with the week before, as mortgage rates continued to decrease, the Mortgage Bankers Association reported on Wednesday.
Refinance applications were up an unadjusted 1.7% for the week ending Nov. 27, compared with the week before. Mortgage applications filed for the purchase of a home were up a seasonally adjusted 4.1%.
Refinance applications made up a 72.1% share of all applications last week, up from 71.7% the previous week.
Mortgage rates continued to fall, according to the survey. The 30-year fixed-rate mortgage averaged 4.79% last week, down from 4.82% the previous week. This is the lowest the mortgage has been since the week ending May 15.
Fifteen-year fixed-rate mortgages averaged 4.27%, down from 4.32% the previous week. Last week's average was the lowest ever recorded in the MBA's survey.