Apr 2008 09

According to the Mortgage Banker’s Association the number of mortgage applications increased 5.7% last week on a seasonally adjusted basis.  On an unadjusted basis the index rose 10.9% compared with the same week last year. 

What you might be thinking is that people are just refinancing much more often due to the fear that rates may rise but that is not the case.  The bulk of these loans were purchase loans which rose 8.1% compared to the refinance index which was up only 3.4%. 

Mortgage rates were up slightly:

  • 30-year fixed-rate mortgage increased to 5.78 percent
  • 15-year fixed-rate mortgages increased to 5.39%
  • 1-year ARMs increased to 7.06 percent

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