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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  May 14, 2009  |   Mortgage Volume Down 8.6% Last Week
Mortgage applications were down last week, with the Mortgage Bankers Association index off 8.6 percent to 895.6 on a seasonally adjusted basis from 979.7 the previous week.

On an unadjusted basis, the index decreased 8.1 percent compared with the previous week, but was up 28.4 percent compared with the same week a year ago.

Refinancing demand has trended down from its mid-April peak, while purchase mortgage demand has increased modestly in recent weeks, even after accounting for normal seasonal increases this time of the year.

The Refinance Index decreased 11.2 percent to 4588.6 from 5169.3 the previous week and the seasonally adjusted Purchase Index increased 0.5 percent to 265.7 from 264.3 one week earlier.

Average mortgage rates showed a slight decrease:
  • 30-year fixed-rate mortgages decreased to 4.76 percent from 4.79 percent;
  • 15-year fixed-rate mortgages decreased to 4.50 percent from 4.57 percent;
  • 1-year ARMs increased to 6.41 percent from 6.36 percent.

Source: Mortgage Bankers Association (05/13/2009)

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