Mortgage Refinancing Activity Rises Again

Washington, DC, April 22, 2009--Mortgage applications rose 5.3% last week, compared with the week before, as refinancing activity increased, according to the Mortgage Bankers Association.

Applications were up 76.9% for the week ended April 17, compared with the same week in 2008, the MBA said.

Refinance applications were up an unadjusted 7.7% last week, compared with the week before. Applications for mortgages to purchase a home were down a seasonally adjusted 4.2%, compared with the week before.

The share of applications for refinance mortgages was 79.7% of total applications, up from 77.8% the previous week.

Thirty-year fixed-rate mortgages averaged 4.73% last week, up from 4.70% the week before.

Fifteen-year fixed-rate mortgages averaged 4.46%, unchanged from the previous week. And one-year ARMs averaged 6.19%, down from 6.21%. End of Story