Mortgage Applications Fall as Rates Tick Up
Despite rising interest rates, the number of applications to purchase homes rose 0.2 percent last week on an adjusted basis compared to the previous week, according to the weekly Mortgage Bankers Association report.
On an unadjusted basis, the purchase index increased 0.5 percent compared with the previous week, but was down 18.1 percent from the same week a year ago.
Overall, mortgage application volume decreased 11 percent on a seasonally adjusted basis driven by the refinance index, which fell 16.9 percent.
Mortgage rates rose as the Federal Reserve ended its purchases of mortgage-backed securities:
* 30-year fixed-rate loans increased to 5.31 percent from 5.04 percent.
* 15-year fixed-rate loans increased to 4.54 percent from 4.34 percent.
* 1-year ARMs increased to 7.03 percent from 6.88 percent.
Source: Mortgage Bankers Association (04/07/2010)
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