Mortgage Refinancing Activity Remains High

Washington, DC, April 1, 2009--Mortgage application volume last week ticked up a seasonally adjusted 3% from the week before, as mortgage rates continued to fall, the Mortgage Bankers Association said on Wednesday.

Applications were up 68.8% for the week ended March 27, compared with the same week in 2008., according to the Washington-based MBA's weekly survey.

On a week-to-week basis, filings to refinance existing mortgages increased 3.7% -- meaning the pace of refinancing activity has remained elevated.

In the prior week, refinance applications shot up 41.5%, a reflection of the Federal Reserve's move to buy mortgage-backed securities and to make purchases of Treasury bonds and notes.

Mortgage applications to purchase a home increased a seasonally adjusted 0.1% last week, compared with the week before.

The four-week moving average for all mortgages as tracked by the MBA moved up 16%.

Refinancings made up 79.1% of the applications filed last week, higher than 78.5% in the previous week.

According to the MBA survey, rates on 30-year fixed-rate mortgages averaged 4.61% last week, down from 4.63% the previous week. Fifteen-year fixed-rate mortgages averaged 4.45%, down from 4.48%. One-year ARMs averaged 6.20%, down from 6.22%. End of Story