Mortgage Application Volume Up on Home Purchases

Washington, DC, Sept. 3, 2008--Mortgage application volume rose 7.5 percent last week, as more home buyers sought financing, according to the Mortgage Bankers Association.

Applications were still down 27.0 percent compared with the same week in 2007.
 
Home purchase applications were up 10.5 percent for the week ended Aug. 29, compared with the previous week. Refinance applications increased 2.1 percent, compared with the week before.
 
The MBA's government purchase index, made up of mostly loans backed by the Federal Housing Authority, increased 19.9 percent compared with the week before.

The share of applications for refinance mortgages was 34.0 percent, down from 35.2 percent the week before.
Applications for adjustable-rate mortgages decreased to 6.6 percent, from 7.9 percent.
 
According to the survey, the 30-year fixed-rate mortgage averaged 6.39 percent last week, down from 6.44 percent the week before. The 15-year fixed-rate mortgage, however, rose slightly to an average 5.96 percent, up from 5.94 percent the week before.