May 20, 2009
Home Loan Applications Increase
By Matthew L. Brown
Home loan application volume crept up another 2.3 percent last week, according to the Mortgage Bankers Association.
The association's Market Composite Index, a measure of mortgage application volume, hit 915.9 during the week compared to 895.6 the prior week. The week's volume was 42 percent greater than the same week a year ago.
The MBA said refinance loans made up 73.6 percent of all mortgage activity, up from 71.9 percent the prior week. The average 30-year fixed rate mortgage interest rate was 4.69 percent, down from 4.76 percent a week earlier.
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