Mortgage Application Volume Up Last Week

Washington, DC, June 24, 2009--Mortgage application volume last week increased a seasonally adjusted 6.6%, compared with the week before, as interest rates charged on fixed-rate mortgages dropped, the Mortgage Bankers Association said Wednesday.

Compared with a year ago, applications for the week ended June 19 were up an unadjusted 17.2%, the MBA's latest survey showed.

Last week's applications to refinance existing home loans were up 5.9% from the week before, while filings for mortgages to buy homes increased a seasonally adjusted 7.3%, the MBA reported.

Refinancings accounted for 54% of all applications filed last week, compared with 54.1% the week before, with adjustable-rate mortgage applications making up 4.1%, down from 4.3%.

Rates on 30-year fixed-rate mortgages averaged 5.44% last week, down from 5.50% the week before.

The average rate on 15-year fixed-rate mortgages also fell, down to 4.93% last week from 4.99% in the prior week.