Mortgage Applications Up Despite Higher Rates

Washington, DC, Dec. 9, 2009--Mortgage applications rose 8.5% last week, compared with the week before, even as rates on fixed-rate mortgages increased, the Mortgage Bankers Association reported Wednesday.

Applications for loans to refinance an existing mortgage were up 11.1% for the week ended Dec. 4, compared with the week before, according to the MBA's weekly survey. Applications for home purchases were up 4%.

Refinance applications made up a 74.4% share of all applications last week, up from 72.1% the previous week.

The 30-year fixed-rate mortgage averaged 4.88% last week, up from 4.79% the week before. Fifteen-year fixed-rate mortgages averaged 4.33%, up from 4.27%. One-year adjustable-rate mortgages, however, averaged 6.55%, down from 6.56%.