Mortgage Applications Rise on Lower Rates

Washington, DC, Sept. 28, 2011 -- Mortgage applications last week rose 9.3% from the prior week, the Mortgage Bankers Association said Wednesday.

Interest rates continued to fall after recent action by the Federal Reserve.

Refinancing applications climbed 11%, while purchase applications grew 2.6% during the week ended Friday.

Refinancing applications accounted for 79.7% of total applications from 78.3% the previous week.

The average rate on 30-year fixed-rate mortgages edged down to 4.25% from 4.29%, while the average for 15-year fixed-rate mortgages ticked up to 3.47% from 3.46%.