Mortgage Applications Up

According to a survey done by the Mortgage Bankers Association mortgage loan applications were up .7% when compared to the same week during 2006. This is the second week in a row applications have been up since the previous two week run of lowered applications.

While the amount of purchase applications were up 2.1 percent when compared to the previous week, refinance applications dropped 1.1 percent. An adjustment was made to these figures to account for Columbus Day holiday. The previous four week average of all refinance and purchase mortgage loan applications was down .6 percent from the previous four weeks.

Refinance mortgage applications accounted for 45.3 percent of overall applications submitted last week which is down from the 46.2 percent the previous week. Average interest rates for a 30 year fixed rate mortgage 6.4 percent which is unchanged from the previous week. 15 year fixed rate mortgages inched up to 6.09 percent from 6.03 percent the week before.

Head on over to Market Watch to read more about mortgage applications rise .07 percent.