Mortgage Applications Rise on Refinancing

Washington, DC, April 16, 2008— Mortgage applications were up 2.5 percent for the week ending April 11, according to the Mortgage Bankers Association weekly survey.

Applications were also up 16.4 percent compared to a year ago.

All of the increase came from refinancing activity. The Refinance Index increased 5.2 percent while the Purchase Index decreased 0.8 percent.  The Conventional Purchase Index decreased 2.1 percent while the Government Purchase Index (largely FHA) increased 3.5 percent.
The refinance share of mortgage activity increased to 53.5 percent of total applications from 52.2 percent the previous week.

The average interest rate for 30-year fixed-rate mortgages decreased to 5.74 percent from 5.78 percent, while the average rate for 15-year fixed-rate mortgages decreased to 5.27 percent from 5.39 percent.