After taking a nearly 10 percent decline one week earlier, mortgage applications volume increased 8.6 percent, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending January 30, 2009.

The Market Composite Index was 795.4, up 8.6 percent on a seasonally adjusted basis from 732.1 one week earlier. Unadjusted, the Index increased 28.1 percent.

The refinance Index increased 15.8 percent to 3906.3 from 3373.9 the previous week, and the seasonally adjusted purchase volume decreased 11.2 percent.

Refinance applications made up 73.2 percent of total applications, up from 72.8 percent the previous week. Adjustable-rate mortgages decreased to 2.1 percent from 2.4 percent of total applications.

The average interest rate for a 30-year fixed-rate mortgage increased to 5.28 percent from 5.22 percent.

The average rate for 15-year fixed-rate mortgages increased to 5.15 percent from 4.98 percent
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.15 percent from 4.98 percent.

Austin Kilgore | 02.04.09 www.dsnews.com