Week-To-Week Mortgage Applications Rise 12.8%: MBA

Applications for mortgages rose 12.8% last week from the week before, boosted by greater activity in refinancings, the Mortgage Bankers Association reported Wednesday.

The MBA's latest survey also showed that the average interest rate on 30-year fixed-rate mortgages dropped below 5% for the first time since the middle of May in the week ended Sept. 18. The survey covers about half of all U.S. retail residential mortgage applications.

The seasonally adjusted 12.8% increase last week was a reversal from the 8.6% drop seen in overall filings for the week ended Sept. 11.

In the latest week, applications filed to refinance existing home loans increased 17.4% from the week before, as applications for mortgages to purchase homes were up a seasonally adjusted 5.6%, driven mainly by an increase in filings for government-insured loans, including those backed the Federal Housing Administration.

Read Full Article from Wall Street Journal

- Posted: 2009-09-23 11:29:07

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