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Refinancing Mortgage Applications Increase as Rates Fall

July 20th, 2011

HousingWire says the Mortgage Bankers Association (MBA) reports its market composite index for the week ending July 15 saw mortgage applications climb 15.5 percent on a seasonally-adjusted basis from the previous week, as refinancing increased. On an unadjusted basis the index rose 44 percent. Of all mortgage applications, refinancing made up 70.1 percent, up nearly five percentage points from last week, the second highest level of the year. The average interest rate for a fixed 30-year mortgage dropped .01 percent to 4.54 percent from last week. The 15-year fixed mortgage rate dropped .02 percent from the previous week, according to the MBA. MBA Vice President of Research and Economics Michael Fratantoni said with mortgage rates at their lowest level of the year, borrowers are locking in fixed rate financing.

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