The Real Deal Miami

Purchasing apps, mortgage rates ti

July 28, 2010 01:30PM

Mortgage application volume for purchases increased 2 percent last week to the highest level since the end of June, according to data from the Mortgage Bankers Association for the week that ended July 23. Meanwhile, applications for mortgage refinancing dropped 5.9 percent from one week earlier and nationwide mortgage application volume was down 4.4 percent overall. The increase in purchase applications came as average contract interest rates were on an upswing. For the 30-year fixed-rate mortgage, the interest rate reached 4.69 percent during the week, up from 4.59 percent one week earlier. The 15-year fixed-rate mortgage saw its average interest rate increase to 4.12 percent, from 4.05 percent the previous week. TRD