CHICAGO (MarketWatch) — Mortgage applications filed in the week ended June 6 rose 10.9% on a seasonally adjusted basis compared to the final week of May, the Mortgage Bankers Association said Wednesday.
The increased filings for both mortgages to buy homes and refinancings of existing mortgages coincided with higher interest rates on fixed- and adjustable-rate mortgages, the Washington-based MBA’s data showed.
Total application volumes were down an unadjusted 16.5% compared with the same week in 2007.
Refinancing applications increased 8.4% on a week-to-week basis, with filings for mortgages to purchase homes rose a seasonally adjusted 12.8%, the MBA said.
The four-week moving average for all loans was down 2.8%, reflecting weakness in refinancing filings.
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