Home Refinancing Continues To Surge

Washington, DC, January 30, 2008--Mortgage application volume rose 7.5% during the week ended Jan. 25 thanks to a continuing surge in refinancing activity, according to the Mortgage Bankers Association's weekly survey.

The application index rose to 1,054.9 from 981.5 the previous week.

Refinancing applications increased 22.1 percent, accounting for 73 percent of the total, while purchase applications fell 17.7 percent.

For the first time in several weeks, mortgage interest rates actually rose. The average rate for 30-year fixed-rate mortgages rose to 5.6 percent from 5.49 percent The average rate for 15-year fixed-rate mortgages rose to 5.04 percent from 4.95 percent

Average rates for one-year adjustable rate mortgages increased to 5.7 percent from 5.51 percent.