Refinancing Fuels Loan Activity

November 12, 2009

Source: Mortgage Bankers Association

Loan applications rose 8.2 percent last week on a seasonally adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

Most of the increase was in refinances, which rose 14.5 percent, while purchases decreased 1.8 percent. On an unadjusted basis, the purchase index decreased 3 percent compared with the previous week and was down 3.4 percent compared to the same week a year ago.

Mortgage rates declined overall:
30-year fixed-rate mortgages decreased to 4.97 percent from 5.04 percent.
15-year fixed-rate mortgages decreased to 4.33 percent from 4.53 percent.
1-year ARMs increased to 6.83 percent from 6.79 percent.

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