Mortgage application volume rises |
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Wed, 17 Oct 2007 12:26
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WASHINGTON (AP) - Mortgage application volume increased 0.7 percent for the week ending Oct. 12, according to the trade group Mortgage Bankers Association.The MBA's application index increased to 656.3 from 652 the previous week. The index includes an adjustment to account for the Columbus Day holiday.The MBA's index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 656.3 means mortgage application activity is 6.563 times higher than it was when the MBA began tracking the data.The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.Refinance volume declined 1.1 percent, while purchase volume jumped 2.1 percent. Refinance volume accounted for 45.3 percent to total volume during the week ending Oct. 12, down from 46.2 percent during the prior week.Mortgage application volume crept slightly higher as interest rates showed little to no movement. The average interest rate for traditional, 30-year fixed-rate mortgages remained unchanged at 6.4 percent. The average interest rate for one-year adjustable-rate mortgages increased to 6.17 percent, from 6.15 percent the previous week.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Mortgage application volume declines 