Mortgage Applications Up on Lower Rates
Washington, DC, July 18, 2012 -- Falling interest rates prompted more mortgage refinancing the week ending July 13, according to the Mortgage Bankers Association.
Overall mortgage application volume was up 16.9% from the previous week.
The Mortgage Bankers Association noted that the refinance index grew 22% over the prior week, reaching its highest level since mid-June. The seasonally-adjusted purchase index remained mostly the same, edging down a slight 0.1%.
In addition, the refinance share of mortgage activity rose to 80.1% of total applications, an increase from 77% from the previous week.
The average interest rate for a 30-year, fixed-rate mortgage declined from 3.79% to 3.74%.