By Amy Hoak
RISMEDIA, August 30, 2007-(MarketWatch)-The number of mortgage applications filed last week slipped 4.0% from the previous week, while the average interest rate on one-year adjustable-rate mortgages shot up, the Mortgage Bankers Association said Wednesday.
Also on a seasonally adjusted basis, applications for mortgages to purchase homes were down 4.0% on a week-to-week basis, according to the group’s latest survey. And applications for loans to refinance existing mortgages were down 4.2% in the week ended Aug. 24.
The four-week moving average for all loans was up 0.3%.
Compared with the same week in 2006, the volume of applications rose an unadjusted 10.6%, the MBA’s data showed.
Refinancing activity increased last week, accounting for 40.4% of all mortgage applications, compared with 39.9% the week before. Adjustable-rate mortgages decreased to 15.0% last week, down from 18.6%.
While interest rates on fixed-rate loans in the survey decreased, the rate on one-year ARMs increased significantly, climbing to 6.51% from 5.84% the previous week.
Average interest rates on 30- and 15-year fixed-rate mortgages were 6.41% and 6.10%, respectively, down from the prior week’s 6.49% and 6.20%.
The MBA’s weekly surveys cover roughly half of all U.S. retail residential mortgage originations.
Amy Hoak is a MarketWatch reporter based in Chicago.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com