Mortgage Applications Rise on Purchase Activity

Washington, DC, February 6, 2008-- Mortgage application volume increased 3 percent during the week ending Feb. 1 as consumers signed more purchase applications, according to the Mortgage Bankers Association.

There was a 12 percent jump in purchase applications, while refinancing applications dropped 1 percent and accounted for 69 percent of all mortgage applications.

The average interest rate for traditional, 30-year fixed-rate mortgages increased slightly to 5.61 percent from 5.6 percent. The average interest rate for 15-year fixed-rate mortgages increased to 5.09 percent from 5.04.

The average interest rate for one-year adjustable-rate mortgages fell to 5.62 percent from 5.7 percent.