Mortgage Applications Down From Last Week

Washington, DC, Aug. 13, 2008--Mortgage application volume was down a seasonally adjusted 1.5 percent from the previous week, the Mortgage Bankers Association reported on Wednesday.

Measured against the same week last year, applications were down 36.9 percent on an unadjusted basis for the week ended Aug. 8.

Purchase applications were flat on a week-to-week basis, while applications to refinance existing mortgages decreased 4.2 percent, the MBA said.

Refinancings made up 35.2 percent of all applications filed last week, down from 35.9 percent the previous week. Adjustable mortgages accounted for 7.3 percent of all applications, up from 6.9 percent.

Mortgage rates 30-year fixed-rate mortgages averaged 6.57 percent, up from 6.41 percent. The average rate on 15-year fixed-rate mortgages stood at 6.17 percent, up from 6.02 percent.