Mortgage Applications for Home Purchases Rise 2%

Daily Real Estate News | July 28, 2010 |

The number of mortgage applications to purchase homes rose 2 percent last week compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index rose 2.4 percent, but remained 34.3 percent lower than it was a year ago. The overall mortgage volume, including refinancings, declined 4.4 percent from the prior week.

This was the highest weekly number of purchase applications since the end of June, and the second week the number of applications has risen, even though mortgage rates increased slightly:

30-year fixed-rate mortgages increased to 4.69 percent from 4.59 percent.
15-year fixed-rate mortgages increased to 4.12 percent 4.05 percent.
1-year ARMs decreased to 7.15 percent from 7.17 percent.

Source: Mortgage Bankers Association (07/28/2010)