Mortgage Applications Rise Despite Higher Rates

Washington, DC, July 22, 2009--Mortgage applications rose a seasonally adjusted 2.8% last week from the prior week despite higher mortgage rates, according to the Mortgage Bankers Association's survey released Wednesday.

The latest results, for the week ended July 17, mark the third straight week of greater activity in mortgage applications.

Last week's applications were up an unadjusted 6.6% from the same week last year.

The volume of refinancing applications was up 4.0% last week compared with the week before, while applications filed for loans to purchase homes also increased, up a seasonally adjusted 1.3%.

Refinancings made up 55.5% of all applications last week, up from 54.9% the week before.

Rates on 30-year fixed-rate mortgages averaged 5.31% last week, up from 5.05% the week before.

Fifteen-year fixed-rate mortgages carried an average rate of 4.80% last week, up from 4.59% the week before; the mortgage required payment of an average 1.03 points.