Mortgage applications up from last year

The mortgage loan applications rose 2.3% in the May 15 conclusion of the week, according to the association of mortgage bankers on the morning of Wednesday. Private industry group said that its weekly index - the composite index of the market, which began in 1990 - is now at 915.9, an increase of 42% compared to this time a year ago.

During the same period, the refinancing index rose 4.5% to 4794.4, but the index fell 4.4% to purchase 254.0. The share of mortgages that are re-financing ratio was 73.6% in the examination, compared to 71.9% from previous week. mortgages Adjustable-rate of 2.4% explained total use.

Cuatrisemanal moving average index for the market adjusted to seasonal variations fell 6.4% in the week.

According to the MBA, the average interest rate for fixed rate mortgage of 30 years fell to 4.69% from 4.76%.

Treasury Secretary Tim Geithner, who testified to the banking committee in the senate Wednesday 9:30, historically low rates recently named below 4.80%, while noting that a housing market stabilizing financial markets helped to heal.

The survey covers about half the MBA of new loans in the nation for residential mortgages.

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