Mortgage Applications Up But Way Short of 2007

Washington, DC, Aug. 6, 2008--The volume of mortgage applications filed last week rose 2.8 percent from the previous week, the Mortgage Bankers Association reported on Wednesday.

However, applications fell 33.7 percent from the same week a year ago.

Refinancing applications rose 4.4 percent on a week-to-week basis, while mortgage applications for the purchase of a home increased a seasonally adjusted 1.8 percent.

More home buyers also applied for FHA-backed mortgages. The MBA's government purchase indexincreased 7.2 percent last week.

Refinancings made up 35.9% of all mortgage applications last week, up from the previous week's 35.2 percent share, while the proportion of adjustable-rate mortgages decreased to 6.9 percent, down from 7.3 percent the previous week.

The interest rate on 30-year fixed-rate mortgages averaged 6.41 percent last week, down from 6.46 percent the previous week. The average rate on 15-year fixed-rate mortgages climbed to 6.02 percent from 5.98 percent.