Mortgage Applications Fall in Last Week

Washington, DC, March 12, 2008--Mortgage applications fell last week 3.4 percent from the same week last year, according to the Mortgage Bankers Association.

Refinancing applications were down 4.7 percent during the week ended March 7, while applications for loans to purchase homes were up 1.6 percent.

Refinancings accounted for 50.6 percent of all filings last week, down from 52.4 percent the previous week. Adjustable mortgages made up 15.5 percent of filings, down from 17.3 percent.

The interest rate for 30-year fixed-rate mortgages averaged 6.37 percent, up from 5.98 percent the previous week. The 15-year fixed-rate mortgage averaged 5.72 percent, up from 5.26 percent.

Also, the average rate on one-year ARMs leaped to 6.72 percent from the previous week's 5.83 percent average.