Mortgage Applications Up on Higher Refinancing

Washington, DC, Jan. 20, 2010--Mortgage application volume increased 9.1% last week from the week before, due mostly to higher refinancing activity, the Mortgage Bankers Association reported on Wednesday.

Refinancing filings rose 10.7% for the week ended Jan. 15. Applications for mortgages to buy homes were also up, increasing 4.4%.

Applications to refinance existing home loans made up 71.7% of all filings, up from 71.5% the previous week.

Meanwhile, 30-year fixed-rate mortgages carried an average interest rate of 5% last week, down from 5.13% the week before.

The rate charged on 15-year fixed-rate mortgages averaged 4.33%, down from 4.45%.