Mortgage Application Volume Falls 20%

Washington, DC, Nov. 5, 2008--Mortgage application volume filed last week fell 20.3% compared with the previous week, as rates on fixed-rate mortgages increased, the Mortgage Bankers Association reported on Wednesday.
 
Compared with the same week in 2007, application volume was down 43.4%.

Refinancing activity fell 27.8% last week, compared with the previous week. Mortgage applications to purchase a home decreased a seasonally adjusted 13.9%, compared with the previous week.
 
Refinance mortgages made up 42.9% of all applications last week, down from 46.9% the previous week. The share of adjustable-rate mortgages was 2.5%, up from 1.9% the previous week.
 
Rates on 30-year fixed-rate mortgages averaging 6.47%, up from 6.26% the previous week. The 15-year fixed-rate mortgage averaged 6.14%, up from 6.01% the previous week.