Recent Uptick in Mortgage Applications

Published on Mar 10, 2010

The number of mortgage applications for home purchases increased 5.7 percent last week compared to the previous week on a seasonally adjusted basis and was up 7.2 percent on an unadjusted basis, according to the Mortgage Bankers Association weekly survey.

Overall, mortgage applications rose only 0.5 percent last week. But applications to refinance declined 1.5 percent. Purchase applications were down 10.7 percent compared to the same week a year ago. And the refinance share of mortgage activity was as low as it has been since October 2009.

Mortgage rates increased:

· 30-year fixed-rate mortgages increased to 5.01 percent from 4.95 percent.
· 15-year fixed-rate mortgages increased to 4.32 percent from 4.27 percent.
· 1-year ARMs increased to 6.80 percent from 6.77 percent.

Source: Mortgage Bankers Association (03/10/2010)