For the first time in more than a month, the number of mortgage applications to purchase homes rose last week.
On an adjusted basis, the Mortgage Bankers Association purchase index increased 7.3 percent compared to the previous week. On an unadjusted basis it was up 17.4 percent. Compared to the same week last year, applications declined 31.3 percent.
Michael Fratantoni, MBA’s vice president of research and economics, was reluctant to declare this a trend. “While it is clear that purchase applications in May dropped sharply as a result of the tax credit induced increase in applications in April, it is unclear whether we are seeing the beginnings of a rebound now,” he said.
Mortgage rates were up slightly last week:
- 30-year fixed-rate mortgages increased to 4.82 percent from 4.81 percent.
- 15-year fixed-rate mortgages decreased to 4.23 percent from 4.26 percent.
- 1-year ARMs increased to 7.07 percent from 6.94 percent.
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Source: Mortgage Bankers Association 06/16/2010)
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