Mortgage Applications Increase as Rates Decline

Mortgage applications bounced back last week after nearly a month in the doldrums when the number of applications fell to a seven-month low.
By: Mortgage Bankers Association: REALTOR®Magazine
The market index compiled by the Mortgage Bankers Association rose 6.6 percent on a seasonally adjusted basis to 548.2 points from 514.4 points the previous week.

On an unadjusted basis, the index increased 6 percent compared with the previous week and rose 17.2 percent compared with the same week a year ago.

Both purchases and refinances were up with the purchase share increasing 7.3 percent and refinances rising 5.9 percent.

Average mortgage rates were as follows:

*30-year fixed-rate mortgages decreased to 5.44 percent from 5.50 percent.
*15-year fixed-rate mortgages decreased to 4.93 percent from 4.99 percent.
*1-year ARMs remained unchanged at 6.54 percent.