Mortgage Applications Up on Higher Refinancing

Washington, DC, Nov. 4, 2009--Applications filed for mortgages rebounded last week, rising 8.2% as lower interest rates spurred refinancing activity, according to the Mortgage Bankers Association's latest survey.

The uptick reverses three weeks in which the volume of mortgage applications dropped.

Refinancing applications increased 14.5% for the week ended Oct. 30 compared with the previous week, while filings seeking mortgages to purchase homes fell a seasonally adjusted 1.8%, the MBA reported Wednesday.

Refinancings made up 66.1% of all application activity last week, up from the prior week's 62.3%.

For 30-year fixed-rate mortgages, the average rate came to 4.97% in the latest week, down from 5.04% the week before. Fifteen-year fixed-rate mortgages, a popular choice for refinancings, averaged 4.33%, down from 4.53%.