Mortgage Applications Up Slightly Last Week

Washington, DC, Dec. 16, 2009--Mortgage application volume rose 0.3% last week, compared with the week before, as rates on 30-year fixed-rate mortgages increased, the Mortgage Bankers Association reported Wednesday.

Applications for mortgages to refinance an existing home loan were up an unadjusted 0.9% for the week ended Dec. 11, compared with the week before, according to the survey. Mortgage applications filed for the purchase of a home were down a seasonally adjusted 0.1%.

The four-week moving average for all mortgages was up 1.5%.

Refinance mortgages made up a 75.2% share of all mortgage activity last week, up from 74.4% the previous week. It's the highest share of refinances observed in the survey since the week ended April 24.

Rates on 30-year fixed mortgages averaged 4.92% last week, up from 4.88% the previous week; rates on 15-year fixed mortgages averaged 4.33%, unchanged from the previous week.