Mortgage Applications Up as Rates Move Lower

Washington, DC, Aug. 27, 2008--Mortgage application volume rose for the first time in three weeks as interest rates edged lower, according to the Mortgage Bankers Association.

The trade group said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended August 22 increased 0.5 percent. Mortgage applications had fallen to their slowest pace since December 2000.

While the increase was small, the report offers a little hope for the U.S. housing market, currently suffering the worst downturn since the Great Depression.

Interest rates for 30-year, fixed-rate mortgages averaged 6.44 percent, down 0.03 percentage point from the previous week.

The purchase index rose 0.6 percent, while overall mortgage applications last week were 31.5 percent below their year-ago level.

The refinancing index increased 0.3 percent, down 40 percent from a year ago.

The refinance share of applications increased to 35.2 percent from 34.8 percent the previous week.

Fixed 15-year mortgage rates averaged 5.94 percent, down from 5.99 percent the previous week.


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