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From Home Furnishing Business

Mortgage Applications Climb

By Home Furnishings Business in on May 2007 Applications for new mortgages increased last month to the highest level since January, according to the Mortgage Bankers Association.

The number of applications filed to both purchase and to refinance jumped 3.6 percent on a week-to-week basis and up about 21 percent compared with the same week last year.

Applications for mortgages to purchase homes climbed 2.6 percent week-to-week and are up about 5 percent from a year ago. Loans to refinance increased 4.9 percent in the past week and are up about 48 percent from a year ago.

The average rate for a 30-year, fixed-rate mortgage fell last week to 6.1 percent from 6.14 percent. The rate for a 15-year, fixed-rate loan fell to an average of 5.82 percent from 5.83 percent.

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