Mortgage Applications Up as Interest Rates Rise

Washington, DC, July 9, 2008--Applications for mortgages rose 7.5 percent last week compared with the week before as mortgage interest rates rose, according to the weekly survey by the Mortgage Bankers Association.

Purchase applications were up 6.7 percent, while refinancing filings were up 8.7 percent.

However, total applications were down 18.1 percent for the week ended July 4 compared with the same week in 2007.

The four-week moving average for all mortgages was down 2.3 percent on a seasonally adjusted basis, the MBA said.

Refinancings accounted for 37.3 percent of all applications filed last week, up from 36.8 percent the previous week.

Interest rates for 30-year fixed-rate mortgages averaged 6.43%, up from 6.33% in the week ended June 27, with 15-year fixed-rate mortgages averaging 5.94 percent, up from 5.90 percent.