Mortgage Application Volume Climbs

Washington, DC, Oct. 29, 2008--Mortgage application volume climbed last week from a nearly eight-year low, while borrowing costs fell, according to the Mortgage Bankers Association.

The trade group said its seasonally adjusted mortgage applications index, which includes both purchase and refinance loans, increased 16.8 percent  in the week ended Oct. 24, reversing the prior week's 16.6 percent slump.

Requests for applications to buy homes as well as refinance mortgages increased last week after posting similar declines the previous week.

The trade group's seasonally adjusted purchase index rose 8.5 percent after falling 10.9 percent the prior week, while its refinancing applications gauge jumped 28.5 percent following a 23.5 percent downturn.

Average 30-year mortgage rates were 6.26 percent.