Mortgage Application Volume Rises 11 Percent

Washington, DC, March 11, 2009--Mortgage application volume last week increased a seasonally adjusted 11.3% compared with the final week of February, as borrowers moved to lock in lower interest rates charged on fixed-rate mortgages, according to the Mortgage Bankers Association.

The increase for the week ended March 6 marked a reversal from the prior week.

Applications for mortgages to purchase homes rose a seasonally adjusted 7.1%, on a week-to-week basis, while refinancing applications were up 13.3%, the industry group said in a news release.

The four-week moving average for all mortgages was up 4.3%.

Overall, mortgage application filings in the first week of March were 5.7% higher on an unadjusted basis compared with the same week in 2008, the MBA said.

Refinancings made up 67.9% of all applications last week, up from 66.9% the week before. Adjustable-rate mortgages accounted for 2.3%, unchanged from the prior week.

Interest rates on 30-year fixed-rate mortgages averaged 4.96% last week, down from 5.14% in the week ended Feb. 27. The average on 15-year fixed-rate mortgages sank to 4.54%, down from 4.73%, according to the MBA's data.