Mortgage Applications Up as Rates Slip

Mortgage Applications Up as Rates Slip

Mortgage application volume increased 9.1 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.

On an unadjusted basis, the index rose 10.4 percent, but was down 52.3 percent compared with the same week a year ago.

Much of the decline compared to the previous year pertained to refinances. The unadjusted purchases index increased 9.8 percent compared to the previous week and was down 19.1 percent from a year ago.

Interest rates decreased last week:

• 30-year fixed-rate mortgages decreased to 5.00 percent from 5.13 percent.
• 15-year fixed-rate mortgages decreased to 4.33 percent from 4.45 percent.
• 1-year ARMs decreased to 6.72 percent from 6.83 percent.

Source: Mortgage Bankers Association (01/20/2010)