Mortgage Applications Back on the Upswing

Mortgage applications swung back up after last week’s sharp decline, with the index reaching 875.3, up 45.7 percent on a seasonally adjusted basis from 600.6 a week earlier.

On an unadjusted basis, the index increased 47.7 percent compared with the previous week and was up 5.2 percent compared with the same week a year ago.
The refinance share of mortgage activity increased 74.2 percent of total applications from 66.7 percent the previous week.

Meanwhile, mortgage rates were down for the week:

  • 30-year fixed-rate mortgages decreased to 4.99 percent from 5.19 percent;
  • 15-year fixed-rate mortgages decreased to 4.66 percent from 5 percent;
  • 1-year ARMs decreased to 6.10 percent from 6.22 percent

Source: Mortgage Bankers Association (02/18/2009)

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