MBA report that Mortgage applications rose by 7.5% on 100 Mortgages

The Mortgage Bankers Association (MBA) has reported that applications for mortgages actually rose by 7.5% compared to the week before; this coincides with higher interest rates charged on mortgages. Both home-purchases along with refinance application contributed to the increase.

When looking at the week-to-week basis, purchase application was up a seasonally adjusted 6.7%, with refinancing filings up 8.7%. However let’s not get too carried away, as total application were down unadjusted 18.1% for the week ending July 4, this is compared to the same time last year.

In all of the applications that were filed last week, 37.3% of those were for refinancing, this was compared to 36.8% the week before. Adjustable-rate mortgages had increased to 10%; this was compared to 8.5% on the week before.

Interest which is charged on a 30-year fixed-rate mortgage had an average of 6.43%, that’s up from 6.33% on the week ending June 27. A 15-year fixed-rate mortgage averaged 5.94%; this was up from 5.90%

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