Mortgage Application Volume Rose Last Week

Washington, DC, July 2, 2008--Mortgage application volume rose 3.6 percent during the week ended June 27, according to the  Mortgage Bankers Association's weekly application survey.

Refinance volume increased 4.7 percent during the week, while purchase volume increased 2.8 percent. Refinance applications accounted for 36.8 percent of total applications, compared with 36.3 percent a week earlier.

Application volume rose as interest rates on fixed-rate mortgages declined. The average rate for traditional, 30-year fixed-rate mortgages fell to 6.33 percent from 6.39 percent the prior week.

The average interest rate for 15-year fixed-rate mortgages, often a popular option for refinancing a home, fell to 5.9 percent from 5.95 percent.

The rate for one-year adjustable-rate mortgages rose to 7.14 percent from 7.09 percent.