September 9, 2010
Home Loan Application Volume Off 1.5%
By Matthew L. Brown
Mortgage application volume fell 1.5 percent last week even as applications to purchase homes increased to their highest level since May, according to the Mortgage Bankers Association.
Refinance application volume, which accounted for 81.9 percent of all applications, decreased 3.1 percent compared to the previous week.
Purchase applications increased 4 percent, but were nearly 40 percent behind the same week a year ago. "Purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit," the MBA said.
The average contract interest rate for a 30-year mortgage was 4.5 percent, up from 4.43 percent a week earlier. The average rate for a 15-year loan increased to 4 percent from 3.88 percent.
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