July 8, 2009
Home Loan Applications Mount
By Matthew L. Brown
Mortgage loan application volume swelled by nearly 11 percent last week, according to the Mortgage Bankers Association.
The association adjusted its results to account for the holiday-shortened week. Unadjusted, loan application volume decreased by 0.5 percent, the MBA said.
Slightly more than 48 percent of all mortgage application activity was accounted for by applications to refinance, an increase from the 46.4 percent share refinance applications claimed during the prior week.
The average contract interest rate on a 30-year fixed mortgage was 5.34 percent, unchanged from the week before.
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