Mortgage Applications Rise

Mortgage applications rose last week for the second week in a row, up 2.5 percent to 743.4 on a seasonally adjusted basis from 725.6 a week earlier, according to the Mortgage Bankers Association’s weekly mortgage applications survey.

On an unadjusted basis, the index increased 2.7 percent compared with the previous week and was up 16.4 percent compared to the same week a year ago.

Most of the increase came from refinances, which increased 5.2 percent from the previous week. Purchases actually decreased 0.8 percent.

The refinance share of mortgage activity was 53.5 percent of total applications, up from 52.2 percent the previous week.

Interest rates decreased slightly.
30-year fixed-rate mortgages decreased to 5.74 percent from 5.78 percent.
15-year fixed-rate mortgages decreased to 5.27 percent from 5.39 percent.
1-year ARMs decreased to 7.02 percent from 7.06 percent.

Source: Mortgage Bankers Association (04/16/2008)