Home Purchase Applications Rise 6.3%

Applications to purchase homes increased 6.3 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey, but were down 38.8 percent from the same week a year ago.

“Purchase applications increased last week, reaching the highest level since the end of May. However, purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit, and is almost 40 percent below the level recorded one year ago,” said Michael Fratantoni, MBA’s vice president of research and economics.

Mortgage rates rose slightly last week:

• 30-year fixed-rate mortgages increased to 4.5 percent from 4.43 percent.
• 15-year fixed-rate mortgages increased to 4 percent from 3.88 percent.
• 1-year ARMs increased to 7 percent from 6.95 percent.

Source: Mortgage Bankers Association (09/08/2010)

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