Mortgage Application Volume Rises as Rates Fall

Washington DC, Sept. 10, 2008--Mortgage application volume last week increased 9.5% compared with the week before, as mortgage interest rates fell, the Mortgage Bankers Association reported on Wednesday.

Application volume was down 24.4% compared with the same week last year.

Refinance applications increased 15.4% last week. Applications filed to purchase a home were up 6.4% compared with the previous week.

Applications to refinance a mortgage made up 36.3% of all applications, up from a 34.0% share the week before.

The 30-year fixed-rate mortgage averaged 6.06% last week, down from 6.39% the week before. The 15-year fixed-rate mortgage averaged 5.73%, down from 5.96%.