Mortgage Apps Fall on Lower Refinancing Activity

Washington, DC, February 13, 2008--Mortgage applications fell 2.1 percent during the week ending Feb. 8, according to the Mortgage Bankers Association's weekly application survey.

Refinancing volume fell 3 percent, while purchase applications dropped 0.3 percent. Refinancing accounted for 67.4 percent of all applications.

The index topped during the week ending May 30, 2003.

The survey covers about 50 percent of all residential retail mortgage originations each week.

Interest rates rose during the week. The average interest rate for traditional, 30-year fixed-rate mortgages rose to 5.72 percent, from 5.61 percent. The average interest rate for a 15-year fixed-rate mortgage increased to 5.18 percent from 5.09 percent.

The average rate for one-year adjustable mortgages increased to 5.72 percent from 5.62 percent.