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Weekly Mortgage Applications Down 2.8%

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By Amy Hoak, MarketWatch

RISMEDIA, Sept. 28, 2007-(MarketWatch)-The volume of mortgage loan applications filed last week decreased a seasonally adjusted 2.8%, while interest rates on fixed-rate home loans increased, the Mortgage Bankers Association reported this week.

This week-to-week decrease stemmed entirely from a 7.3% drop in applications for mortgages to purchase homes, according to the Washington-based MBA. Applications to refinance an existing mortgage were up 3.3% in the week ended Sept. 21, compared with the previous week.

Also on a seasonally adjusted basis, the volume of overall application was up 15.4% from the same week in 2006, according to the MBA’s weekly survey.

The four-week moving average of application filings for all loans was up 1.5%.

Applications to refinance existing mortgages accounted for 46.4% of overall volume last week, up from 43.5% the previous week, while adjustable-rate mortgages made up 12.2% of applications, down from 12.6%.

The interest rate on a 30-year fixed-rate mortgage averaged 6.38% last week, up from 6.29% the previous week. The 15-year fixed-rate mortgage also increased, averaging 6.06% last week, up from 5.99%.

The rate on one-year ARMs, however, headed in the other direction, averaging 6.09% last week, down from 6.39%.

The MBA’s survey covers about half of all U.S. retail residential mortgage originations.

Amy Hoak is a MarketWatch reporter based in Chicago.

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