Mortgage Applications Fall, but Ahead of 2008

Washington, DC, April 15, 2009--Mortgage application volume last week fell a seasonally adjusted 11% compared with the week before, even as mortgage rates dropped, the Mortgage Bankers Association reported on Wednesday.

The results of the MBA's weekly survey were not adjusted for the Easter/Passover weekend, which may have contributed to the decline, according to the industry group.

Mortgage-application volume was still up 45.6% last week when compared with the same week in 2008.

The volume of refinance applications fell an unadjusted 10.9% for the week ended April 10, compared with the week before. Applications filed for mortgages to purchase a home were down a seasonally adjusted 11.3%.

The four-week moving average for all mortgages was up 5.3%.

Refinance applications made up 77.8% of all mortgage activity, down slightly from 77.9% the week before.

The 30-year fixed-rate mortgage averaged 4.70% last week, down from 4.73% the previous week. The 15-year fixed-rate mortgage averaged 4.46%, down from 4.49%. And 1-year ARMs averaged 6.21%, down from 6.23%. End of Story