Mortgage Applications Up as Buyers Emerge

Washington, DC, May 6, 2009--The volume of mortgage applications filed last week increased a seasonally adjusted 2% from the prior week, Mortgage Bankers Association data show.

The MBA's survey showed a 5% increase in filings for mortgages to buy homes in the week ended May 1 as well as a 1.2.% increase in applications to refinance existing mortgages.

The increases came in spite of higher interest rates charged on fixed- and adjustable-rate mortgages.

Refinancings accounted for 74.4% of total applications last week, off from 75.3% during the week ended April 24.