| July 22, 2009

Though rates climb, mortgage applications see an increase

According to the latest report from the Mortgage Bankers Association (MBA), both home mortgage applications and refinance applications have seen an increase.

The volume of mortgage applications saw a seasonally-based 2.8 percent climb over the previous week. Compared to the same week in 2008, the volume increased 6.6 percent on a seasonally-unadjusted basis.

Refinance applications saw a 4 percent increase from the previous week. Refinance applications also made up for a higher percentage of total mortgage applications at 55.5 percent, which is up from 54.9 percent the previous week.

The report shows that a number of mortgage rates saw an increase in percentage. The rate on a 30-year-fixed mortgage increased from 5.05 percent to 5.31 percent.

The rate on a 15-year-fixed mortgage saw a climb from 4.59 percent to 4.8 percent. Adjustable mortgages also saw an increase in rates, with the average rate hitting 6.5 percent.

The report of increased mortgage applications and interest rates comes after news from FICO that lenders will be able to use a new tool when considering credit scores. The Credit Capacity Index, which calculates a consumer’s ability to take on debt in the future, can be combined with credit scores in order to better assess risk.

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