Mortgage Application Volume Trend Rises 9.4 Percent

May 12, 2005 LOS ANGELES -- More good news for mortgage rate hunters and curious lookie-loo's alike today. Once again, countrywide overall mortgage application activity took an upward swoop by nearly ten points, 9.4 percent compared to the prior week to be exact.

The analysis, released by the MBA (the Mortgage Bankers Association) denotes applicant activity for the week ending May 6. If observing these stats on a seasonally adjusted basis, the refinance application share went up up 9.8 percent. Simultaneously, home purchase loan applications surged by 9.4 percent.

The MBA announced that home purchase loan applicant measured volume climbed to a record. Last week refinance mortgage 1003's accounted for 39.2 percent of the total number. The previous week showed refi applications landed at 39.1 percent of the share.

Regarding adjustable-rate mortgages: The MBA says 35.3 percent of the volume came from ARM loan seekers. That is a nudge upwards as well compared to prior week 33.4 percent of the market share.

Mortgage rates for 30-year fixed conventional loans rose slightly to 5.77 percent. 15 year fixed rates climbed to average 5.34 percent, a slight nudge from previous week's total of 5.31. A stable economic state, particularly the collar economists say has been wrapped around inflation, can be attributed to rates remaining at historic low levels.

News article by Stockton Marquette, Mortgage Industry Analyst

Obtain fast, instant online mortgage quote from intelliQUOTE for 15 year fixed mortgage.
Quickly get a mortgage quote instantly utilizing intelliQUOTE system for 20 year fixed mortgage.
Submit for an instant online mortgage quote from intelliQUOTE for 30 year fixed rate home loan.