purchase index

Mortgage Applications Rise on Falling Rates

Mortgage applications bounced back last week with the Mortgage Bankers Association market index rising 5.6 percent on a seasonally adjusted basis compared to the previous week.

On an unadjusted basis, the index increased 4.8 percent and was up 25 percent compared with the same week a year ago.

The recent seesaw of mortgage rates has affected refinances more than purchases. The refinance index rose 6.9 percent last week after falling 7.2 percent the previous week, reflecting declining mortgage rates. The purchase index, which has trended upward gradually, rose 3.9 percent.

Here are the average performances of mortgage rates this week:

* 30-year fixed-rate mortgages decreased to 5.15 percent from 5.38 percent.
* 15-year fixed-rate mortgages decreased to 4.52 percent from 4.71 percent.
* 1-year ARMs decreased to 6.66 percent from 6.71 percent.

Source: Mortgage Bankers Association

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222 ext. 26
Blog: elliottonrealestate.com
Twitter: elliottrob@twitter.com