Mortgage Applications Fall Slightly

Washington, DC, Oct. 28, 2009--Mortgage applications fell 1.8% last week, compared with the week before, as mortgage rates rose, the Mortgage Bankers Association reported Wednesday.

This week-to-week drop follows a 16.4% week-to-week gain for the week ended Oct. 2.

Applications to refinance were down 0.1%, compared with the week ended Oct. 9, according to the MBA's weekly survey. Home purchase applications fell a seasonally adjusted 5%.

The four-week moving average for all mortgages was up 5.6% last week.

Refinance mortgage applications made up a 67.4% share of all applications last week, up from 66.3% the week before.

Rates on 30-year fixed-rate mortgages averaged 5.02% last week, up from 4.89% the previous week. The average rate on 15-year fixed-rate mortgages was 4.44%, up from 4.32%.