Mortgage applications on the rise

December 18, 2008

Mortgage application volume jumped last week, fueled by borrowers seizing on lower rates to refinance home loans, the Mortgage Bankers Association said Wednesday.

The trade group’s seasonally adjusted application index rose 2.9 percent to 841.4 in the week ended Dec 12. The index stood at a revised 817.7 a week earlier.

Interest rates have been declining in recent weeks and are expected to fall further following the Federal Reserve’s move on Tuesday to cut its target interest rate to nearly zero. Refinance volume rose 6.5 percent last week, while purchase volume fell 4.5 percent.
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