Mortgage Applications Fall as Interest Rates Rise

Washington, DC, February 20, 2008-- Mortgage applications fell last week 22.6 percent from the previous week, according to the weekly survey by the Mortgage Bankers Association.

However, applications were up 33.9 percent compared to a year ago.

Refinancing applications were down 27.9 percent, while purchase applications fell a seasonally adjusted 11.5 percent, according to the survey.

Refinancing applications accounted for 61.7 percent of all filings, down from 67.4 percent the previous week, as interest rates rose. Applications for adjustable-rate mortgages accounted for 12.8 percent of all applications, higher than 9.9% in the previous week.

Average rates for 30- and 15-year fixed-rate mortgages increased last week to 6.09 percent and 5.55 percent, respectively, up from 5.72 percent and 5.18 percent in the previous week.