Mortgage Refinance Apps Up Last Week

Washington, DC, October 25, 2007—Mortgage applications were up 11.2% for the week ending October 19, according to the Mortgage Bankers Association.

The Refinance Index increased 4.0% from the previous week and the seasonally adjusted Purchase Index decreased 3.1.

The refinance share of mortgage activity increased to 47% of total applications from 45.3% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 14.2% from 13.5% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.21% from 6.40%, with points increasing to 1.13 from 1.04 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.86% from 6.09%, with points increasing to 1.06 from 1.03 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.10 from 6.17%, with points decreasing to 0.92 from 0.94 (including the origination fee) for 80% LTV loans.