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Refinance Applications Reach Highest Level Since 2009

More applications ticked up as record-low mortgage rates spurred refinance applications to their highest level since April 2009.

[IMAGE] [COLUMN_BREAK]

The ""Mortgage Bankers Association"":http://www.mbaa.org/default.htm (MBA) found that applications increased 0.9 percent from the week before.

The Refinance Index climbed by 2 percent to reach the highest level in three years, with the refinance share of activity ticking up to 81 percent of application volume from 80 percent last week.

The Purchase Index fell 3 percent from the week before to its lowest level since last month, tracking declines for purchases on an unadjusted basis.

The adjustable-rate mortgage share of activity amounted to 4 percent of total volume from the week before.

Interest rates for 30-year and 15-year fixed-rate mortgages remained near their record-low troughs, with no change from the former at 3.74 percent and declines for the former to 3.07 percent.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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