The Real Deal Miami

Loan application volume up, refis take the lead

December 16, 2009 11:24AM

Mortgage loan application volume increased for a third consecutive week during the week ending Dec. 11, according to the Mortgage Bankers Association’s weekly survey, with the market composite index increasing .3 percent over the previous week, according to seasonally adjusted data. But while the refinance index increased .9 percent over the week before, the mortgage purchase index actually decreased .1 percent, indicating a market trend toward refinancing over purchasing. Compared to the same time period one year ago, the purchase index was down 15.4 percent. This data comes as the average 30-year fixed mortgage rate increased to 4.92 percent from 4.88 percent. TRD