Mortgage application volume rises 7.6 percent last week on record low mortgage rates
By APWednesday, July 21, 2010
Mortgage volume increases 7.6 percent last week
NEW YORK — Applications for home loans rose last week as rates on 30-year and 15-year fixed-ate loans sank to the lowest levels on the survey’s record.
The Mortgage Bankers Association says overall applications increased nearly 7.6 percent from a week earlier. That incorporates an adjustment for the Independence Day holiday.
Applications to refinance home loans climbed 8.6 percent. Applications taken out to purchase homes rose 3.4 percent.
The average rate for a 30-year fixed loan fell to 4.59 percent last week and the rate for a 15-year fixed loan dropped to 4.05 percent. Both were the lowest rates recorded in the MBA’s survey, which has been conducted since 1990.
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