Mortgage Applications Rise Slightly

Mortgage applications rose 3 percent last week to 684.9, according to the Mortgage Bankers Association’s weekly seasonally adjusted index.

On an unadjusted basis, the index increased 15.3 percent compared with the previous week, which was cut short because of President’s Day. It was up 1.1 percent compared with the same week a year ago.

The refinance share of mortgage activity increased to 52.4 percent of total applications from 52 percent the previous week.

Mortgage rates were down compared to the previous week.

* 30-year fixed-rate mortgages decreased to 5.98 percent from 6.27 percent.
* 15-year fixed-rate mortgages decreased to 5.26 percent from 5.77 percent.
* 1-year ARMs decreased to 5.83 percent from 5.84 percent.


Source: Mortgage Bankers Association (03/05/2008)