Mortgage Apps Up Last Week

Washington, DC, October 10, 2007—Mortgage applications were up 2.4% for the week ending October 5, according to the Mortgage Bankers Association weekly survey.

The Refinance Index increased 2.7% and the seasonally adjusted Purchase Index increased 2.1%.

The refinance share of mortgage activity increased to 46.2% of total applications from 46.0% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 13.6 from 13.8% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.4% from 6.32%, with points decreasing to 1 from 1.08 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.03% from 5.95%, with points increasing to 1.12 from 1.07 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.15% from 6.21%, with points increasing to 0.92 from 0.89 (including the origination fee) for 80% LTV loans.