Mortgage application volume rises

Loan requests for home purchases up sharply in latest week

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updated 3:29 p.m. ET Feb. 6, 2008

WASHINGTON - Mortgage application volume increased 3 percent during the week ending Feb. 1, according to the trade group Mortgage Bankers Association's weekly application survey.

The MBA's application index rose to 1,086.6 during the week from 1,054.9 the previous week.

Application volume was pushed higher by a 12 percent jump in purchase applications. Refinance volume fell 1 percent, and accounted for 69.2 percent of all mortgage applications.

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The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.

An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 1,086.6 means mortgage application activity is 10.866 times higher than it was when the MBA began tracking the data.

The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.

Application volume increased as interest rates were mixed. The average interest rate for traditional, 30-year fixed-rate mortgages increased to 5.61 percent from 5.6 percent. The average interest rate for 15-year fixed-rate mortgages, an option popular for refinancing a home, increased to 5.09 percent from 5.04.

The average interest rate for one-year adjustable-rate mortgages fell to 5.62 percent from 5.7 percent.