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Mortgage Applications Rise as Rates Decrease

A fall in mortgage rates sees a rise in the number of applications seeking loans for housing construction. According to the data provided by Mortgage Bankers Association, the weekly index monitoring the extent of refinance activity across the US rose by a significant margin of 21.2 percent to 876.9 from 723.4 the prior week on a seasonally adjusted basis.

On an unadjusted basis, the index showed a rise of 20.7 percent from what it was in the prior week and 31.2 percent from the same week a year ago. Mortgage rates for a 30 year loan decreased to 4.89 percent from 4.96 percent previous week whereas it decreased to 4.52 percent from 4.54 percent for a 15 year mortgage. 1-year ARMs decreased slightly from 6.21 percent to 6.20 percent.

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