Mortgage Applications Up on Refinancing
Washington, DC, Nov. 13, 2008--Mortgage applications rose a seasonally adjusted 11.9% compared with the prior week, the Mortgage Bankers Association said Thursday.
However, application volume for the week ended Nov. 7 was down 40% from the same week in 2007, the survey showed.
Applications for mortgages to purchase a home increased a seasonally adjusted 9% on a week-to-week basis, while refinancing applications were up 16.1%.
The four-week moving average for all loans was down 3.7%.
Filings to refinance existing mortgages made up 45.1% of all applications last week, up from 42.9% the previous week. Adjustable-rate mortgages accounted for 2.3% of applications, down from 2.5%.
Mortgage rates fell, with 30-year fixed-rate mortgages averaging 6.24% last week, down from 6.47% the previous week. The average rate charged on a 15-year fixed-rate mortgage fell to 5.90% from 6.14%.