Mortgage Applications Up, Despite Rate Rise

Total mortgage loan applications inched up last week, according to the Mortgage Bankers Association weekly applications survey. The Market Composite Index, a measure of mortgage loan application volume, was 979.7, an increase of 2.0 percent on a seasonally adjusted basis from 960.6 one week earlier. On an unadjusted basis, the Index increased 2.4 percent compared with the previous week and 43.7 percent compared with the same week one year earlier. The Refinance Index increased 1.2 percent to 5169.3 from 5108.2 the previous week.
The refinance share of mortgage activity decreased to 74.4 percent of total applications from 75.3 percent the previous week.

Interest rates rose slightly last week:
30-year fixed-rate mortgages increased to 4.79 percent from 4.62 percent.
15-year fixed-rate mortgages increased to 4.57 percent from 4.45 percent.
One-year ARMs increased to 6.36 percent from 6.23 percent.

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