Mortgage Application Volume Up on Refinancing
Washington, DC, April 21, 2010--Mortgage application volume rose 13.6% last week from one week earlier as more homeowners sought to refinance, according to the Mortgage Bankers Association.
The group's Refinance Index increased 15.8% from the previous week, and the seasonally adjusted Purchase Index increased 10.1% from one week earlier.
Michael Fratantoni, the association's vice president of research and economics, said: "Treasury rates fell last week causing a decline in mortgage rates. As a result, refinance applications picked up over the week, as some borrowers took advantage of this recent rate volatility to lock in a low fixed-rate loan."
The average 30-year loan rate by 0.13 percentage point to 5.04 percent.