Mortgage Application Volume Down

Washington, DC, May 28, 2009--Mortgage application volume last week fell a seasonally-adjusted 14.2% compared with the week before, as rates on 30-year fixed-rate mortgages ticked up, according to the Mortgage Bankers Association.

Applications were up 28.5% for the week ended May 22, compared with the same week in 2008.

Refinance applications were down an unadjusted 18.9% last week, compared with the week before. Applications for mortgages to purchase a home were up a seasonally adjusted 1.0%, compared with the previous week.

The four-week moving average for all mortgages was down 4.7%.

Applications to refinance an existing loan made up a 69.3% share of all activity, compared with 73.6% the previous week.

Rates on 30-year fixed-rate mortgages averaged 4.81% last week, up from 4.69% the previous week.

Fifteen-year fixed-rate mortgages averaged 4.44%, unchanged from last week.