Mortgage Application Volume Falls as Rates Climb

Washington, DC, Feb. 25, 2009--Mortgage application volume fell a seasonally adjusted 15.1% compared with the week before, the Mortgage Bankers Association said Wednesday.

Refinancing applications for the week ended Feb. 20 dropped 19.1% from the prior week.

Mortgage applications for home purchases were off a seasonally adjusted 2.6% on a week-to-week basis.

Overall, last week's applications increased an unadjusted 9.8% compared with the same week in 2008.

Interest rates on 30-year fixed-rate mortgages averaged 5.07% last week, up from 4.99% the previous week. Fifteen-year fixed-rate mortgages averaged 4.71%, up from 4.66%.