Mortgage Applications Down Last Week
Washington, DC, Sept. 16, 2009--Mortgage application volume last week fell 8.6% compared with the week before, the result of a drop in both applications to refinance an existing loan as well as those to purchase a home, the Mortgage Bankers Association reported Wednesday.
The average rate on 30-year fixed-rate mortgages rose for the week ended Sept. 11, while rates on 15-year fixed-rate mortgages and one-year adjustable-rate mortgages fell, according to the MBA's weekly survey.
The drop in applications follows a 17% week-over-week jump recorded the week of Sept. 4.
Refinance applications fell 7.4% last week, compared with the week before; applications for mortgages to purchase a home were down a seasonally adjusted 10.3% last week, compared with the previous week, the MBA said.
Refinance applications made up a 61% share of all activity, up from 59.8% the previous week.
The 30-year fixed-rate mortgage averaged 5.08% last week, up from 5.02% the previous week. Fifteen-year fixed-rate mortgages averaged 4.41% last week, down from 4.45% the previous week.