Mortgage Application Volume Falls

Washington, DC, June 17, 2009--Mortgage application volume last week fell a seasonally adjusted 15.8% compared with the previous week, even as mortgage rates pulled back following their recent spike, the Mortgage Bankers Association said.

Application volumes increased an unadjusted 0.3% for the week ended June 12 from the same week in 2008.

Refinancings dropped 23.3% on a week-to-week basis, while applications for mortgages to purchase home decreased a seasonally adjusted 3.5%. The four-week moving average for all mortgages as tracked by the MBA was down 13.5%.

Refinancing applications made up 54.1% of all filings last week, down from 59.4% the week before.

According to the MBA, rates on 30-year fixed-rate mortgages averaged 5.50% last week, down from 5.57% the week before.

Also lower, the average for 15-year fixed-rate mortgages stood at 4.99% last week, down from the prior week's 5.10%.