Mortgage Applications Up Despite Holiday
Demand for mortgages returned last week after two consecutive down weeks, pushing the index up 10.9 percent to 493.1 from 444.8 the previous week on a seasonally adjusted basis that reflected the July 4 holiday.
On an unadjusted basis, the index decreased 0.5 percent compared with the previous week, but rose 7.2 percent compared with the same week a year ago.
The refinance index increased 15.2 percent, while the purchase index rose 6.7 percent.
Mortgage rates were mostly unchanged from the previous week. 30-year fixed-rate mortgages were flat compared to the previous week at 5.34 percent;15-year fixed-rate mortgages increased to 4.83 percent from 4.81 percent; and 1-year ARMs increased to 6.58 percent from 6.52 percent.
Source: Mortgage Bankers Association (07/08/2009)
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