Mortgage Applications Rise on Higher Refinancing

Washington, DC, Jan. 13, 2010--Mortgage applications rose 14.3% last week on refinancing activity as interest rates on fixed-rate mortgages fell, according to the Mortgage Bankers Association.

Refinancing applications rose 21.8% in the week ended Jan. 8 compared with the week before.

Purchase applications rose 0.8% on a week-to-week basis.

The MBA's four-week moving average for all mortgages for the period through Jan. 8 was down 6.4%.

Refinancings made up 71.5% of applications last week, up from 68.2% the previous week.

Rates on 30-year fixed-rate mortgages averaged 5.13%, down from 5.18% the previous week.

Fifteen-year fixed-rate mortgages averaged 4.45%, down from 4.62%.