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Wednesday, August 26, 2009
Mortgage Applications Rise on Refinancings
By Joanna Ossinger
FOXBusiness
Mortgage applications rose 7.5% in the week ended Aug. 21, the Mortgage Banksers Association reported on Wednesday.
The MBA refinancing index rose 12.7% from the prior week, whereas the purchase index rose 1%, showing that the gain was powered by people refinancing mortgages. Refinancings accounted for 56.5% of total applications, up from 53.3% in the previous week.
Government-sponsored mortgage financing companies Fannie Mae (FNM) and Freddie Mac (FRE) were lower in midday trading Wednesday, but they have been extremely volatile on heavy volume lately.
See our Housing Market page for the latest news and videos on the topic.
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