Mortgage applications rose last week after falling for three weeks, according to the Mortgage Bankers Association weekly survey.
The Market Composite Index, a measure of mortgage loan application volume, was 652.0, an increase of 2.4 percent on a seasonally adjusted basis from 636.7 the previous week. On an unadjusted basis, the index increased 2.4 percent compared with the previous week and was up 8.6 percent compared with the same week last year.
The refinance share of mortgage activity increased to 46.2 percent of total applications, while the adjustable-rate mortgage share continued to decline to 13.6 percent of total applications.
Overall, average mortgage rates increased:
30-year fixed-rate mortgages increased to 6.40 percent from 6.32 percent
15-year fixed-rate mortgages increased to 6.03 from 5.95 percent
1-year ARMs decreased to 6.15 from 6.21 percent
Source: Mortgage Bankers Association (10/10/2007)
