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MBA: Mortgage Apps Increase

The ""Mortgage Bankers Association"":http://www.mortgagebankers.org (MBA) issued its ""Weekly Mortgage Applications Survey"":http://www.mortgagebankers.org/NewsandMedia/PressCenter/69418.htm on Wednesday, which showed the applications for home loans - both new purchases and refinances - rose last week.
For the week ending June 19, 2009, MBA reported total mortgage loan application volume was up 6.6 percent from one week earlier, and was 17.2 percent higher than the same week a year ago.
MBA's Purchase Index increased 7.3 percent compared to the week before. The Refinance Index rose by 5.9 percent. The refinance share of mortgage activity remained relatively flat, down only one-tenths of a percentage 54 percent of total applications.
The industry association also reported the average interest rates for mortgage contracts last week, which fell for long-term home loans.
The rate for a 30-year fixed-rate mortgage (FRM) dropped to 5.44 percent, compared to 5.50 percent the week before. The average contract interest rate for 15-year FRMs decreased to 4.93 percent, down from 4.99 percent one week earlier.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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