Mortgage Application Volumes Rise

Weekly mortgage applications in the U.S rebounded in the week ended June 27, figures from the Mortgage Bankers' Association (MBA) revealed on Wednesday. The figure is a 3.6 percent week-over-week increase in applications.

The increase follows a 6 and a half year low from the previous week, but when compared to the same week in 2007, applications for the same week were down 22.8 percent. The four-week moving average for all loans as tracked by the MBA was down 1.2 percent.

Refinance volume increased 4.7 percent during the week, while purchase volumes increased 2.8 percent. Refinance applications accounted for 36.8 percent of total applications, compared with 36.3 percent a week earlier.

The rate on 30-year fixed rate mortgages averaged 6.33 percent last week, down from 6.39 percent the previous week, with 15-year fixed rate mortgages carrying an average rate of 5.9 percent, down from 5.95 percent.

The MBA's survey covers about 50 percent of all residential retail mortgage originations each week, while providing an overview of mortgage lending activity amongst industry players.