Mortgage application volume declined last week, falling 14.2 percent to 786 from 915.9 the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly index.
On an unadjusted basis, the index decreased 13.8 percent from the previous week. Compared to the same week last year, the index rose 28.5 percent.Most of the decline reflects a falling number of refinance applications, which declined 18.9 percent. The seasonally adjusted purchase index increased 1 percent.Most mortgage rates increased slightly:- 30-year fixed-rate mortgages increased to 4.81 percent from 4.69 percent.
- 15-year fixed-rate mortgages remained unchanged at 4.44 percent.
- 1-year ARMs increased to 6.55 percent from 6.38 percent.
Source: Mortgage Bankers Association (05/27/2009)