The Mortgage Bankers Association released its Mortgage Applications Survey thru June 19, 2009. Mortgage loan application volume increased 6.6 percent from one week earlier and increased 17.2 percent compared with the same week one year earlier. The Refinance Index increased 5.9 percent from the previous week.
The increase in applications may be due to the slowdown in rates. Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.42 percent this week, up slightly from last week when it was 5.38 percent. Last year at this time, the average rate for a 30-year mortgage was 6.45 percent.
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