Mortgage Applications Increased Last Week

Washington, DC, July 21, 2010--Mortgage application volume last week rose a seasonally adjusted 7.6% from the previous week, according to the Mortgage Bankers Association.

At the same time, a separate survey measuring household mortgage application activity ticked down slightly.

Refinancing applications jumped 8.6%, pushing the refinance share of application activity to 79.4%, from 78.7% last week. It marks the highest refinance index in 14 months, since May 15, 2009.

"As rates on 30- and 15-year fixed-rate mortgages declined to the lowest levels recorded in the survey, refinance activity increased last week," said Michael Fratantoni, MBA's Vice President of Research and Economics.

"The refinance index is up almost 30% over the past 4 weeks, but is still well below the peak seen last spring."

Purchase applications rose 3.4%.