Mortgage applications up 7.5pc last week, Mortgage Bankers Association

Four-week moving average continues lower trend

CHICAGO - July 9 2008 - Applications filed for mortgages rose a seasonally adjusted 7.5% last week compared with the week before, coinciding with higher interest rates charged on mortgages, the Mortgage Bankers Association said Wednesday.

Both refinance and home-purchase applications contributed to the increase in filings, the Washington-based MBA reported in its weekly survey, which covers about half of all U.S. retail residential mortgage applications.

On a week-to-week basis, purchase applications were up a seasonally adjusted 6.7%, while refinancing filings were up 8.7%.

Still, total applications were down an unadjusted 18.1% for the week ended July 4, compared with the same week in 2007. Figures were adjusted to account for the Independence Day holiday.

http://www.mortgagebankers.org

Mortgage applications up 7.5% last week: MBA
by Amy Hoak | MarketWatch