Mortgage Applications Falls on Less Refinancing

Washington, DC, July 29, 2009--Mortgage application volkume fell 6.3% last week from the prior week as refinancing demand decline, the Mortgage Bankers Association said Wednesday.

Applications for home-purchase mortgages held steady in the week ended July 24, the trade group said.

Seasonally adjusted refinancing applications fell nearly 11% as filings to refinance existing home loans accounted for 52.6% of total applications, down from 55.5% the week before.

On an unadjusted basis, mortgage applications are running 16.1% above their levels a year ago, the Washington-based MBA's data showed.

The average rate for a 30-year, fixed-rate loan increased to 5.36% in the latest survey from 5.31% in the prior week.