Mortgage Applications Rose 3.6 Percent Last Week: MBA

MarketWatch (07/02/08); Hoak, Amy
The Mortgage Bankers Association has reported a 3.6-percent jump in the volume of home loan applications for the week ended June 27 compared to the prior week. Demand was still off nearly 23 percent, however, from a year ago. Both refinancing activity and demand for purchase loans increased week to week, rising 4.7 percent for the former and 2.8 percent for the latter. Refinance requests represented 36.8 percent of all application volume, up from 36.3 percent the week before; while adjustable-rate mortgages held steady at 8.5 percent of all application filings.