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Mortgage application volume rises 10.9 percent

ServicesSource: Associated Press

Mortgage volume rebounds from prior week, rises 10.9 percent, despite interest rates rising

Mortgage application volume rose 10.9 percent during the week ending June 6, rebounding from a sharp decline one week earlier, according to the Mortgage Bankers Association's weekly application survey.

The MBA's mortgage application index rose to 557.1 during the week, from 502.3 the previous week when volume fell 15.3 percent.

Refinance application volume increased 8.4 percent during the week ending June 6, while purchase application volume jumped 12.8 percent. Refinance applications accounted for 39.8 percent of total applications.

The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.

An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 557.1 means mortgage application activity is 5.571 times higher than it was when the MBA began tracking the data.

The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.

Application volume rose despite a rise in interest rates. The average interest rate for a traditional, 30-year fixed-rate mortgage rose to 6.24 percent from 6.17 percent.

The average rate for 15-year fixed-rate mortgages, a popular option for refinancing a home, rose to 5.78 percent from 5.7 percent.

Rates for one-year adjustable-rate mortgages rose to 6.87 percent from 6.8 percent.

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