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Higher rates dampen mortgage applications activity

Higher rates dampen mortgage applications activity
Wednesday, October 5, 2005 11:16:57 AM
http://www.afxpress.com

WASHINGTON (AFX) -- The volume of mortgage applications slipped 1.1% in the week ended Sept. 30 compared to the prior week, data compiled by the Mortgage Bankers Association show. Also on a seasonally adjusted basis, applications for mortgages to purchase homes dropped 1.9%, while refinancing applications nosed 0.1% higher on a week-to-week basis. Refinancings accounted for 44.5% of last week's total applications, up from 43.9% in the prior week, while adjustable-rate mortgages reached 29.8% from 28.8%. Average contract interest rates for 30- and 15-year fixed-rate mortgages rose last week to 5.94% and 5.55%, respectively, from 5.85% and 5.44% a week earlier. The rate on one-year ARMs averaged 5.13%, up from 5.02%. The MBA also said the four-week moving average of overall mortgage applications activity was off 1.9%

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