Mortgage Applications Rise

Mortgage Applications Rise Slightly Mortgage applications were up 2.8 percent last week with the Mortgage Bankers Association weekly index rising to 528.9 from 514.4 the previous week on a seasonally adjusted basis.On an unadjusted basis, the index increased 2.9 percent from the previous week and was up 6.6 percent compared with the same week a year ago.The purchase index was up 1.3 percent, while the refinance index rose 4 percent, accounting for 55.5 percent of total applications.Mortgage rates also jumped last week:
30-year fixed-rate mortgages increased to 5.31 percent from 5.05 percent;
15-year fixed-rate mortgages increased to 4.80 percent from 4.59 percent;
1-year ARMs increased to 6.50 percent from 6.47 percent.Source: Mortgage Bankers Association (07/22/2009)