The MBA's Weekly Applications Survey which included an adjustment to account for the Columbus Day Holiday was down 44% from the same week a year ago.

Applications for refinancings fell 23.5% from the previous week, while purchase loan applications were off 10.9% from week-to-week. Applications for government backed purchase loans largely FHA was off 11.9%, while applications for conventional purchase loans fell 10.5% from a week ago.

Applications for refinancings accounted for 42.6% of total applications, down from 46.4% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.7% from 2.6% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.28% from 6.47%, with points including the origination fee decreasing to 1.09 from 1.14 for 80% loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.05% from 6.17%, with points decreasing to 1.11 from 1.18. The average contract interest rate for one-year ARMs increased to 6.97% from 6.67%, with points decreasing to 0.4 from 0.43 for 80 percent LTV loans.

August 4, 2008 - Interest rates were scattered last week, according to the MBA survey, which saw the 30-year fixed-rate average drop from 6.46% to 6.41% with 1.13 points, while the average 15-year fixed-rate inched up from 5.98% to 6.02% with 1.02 points. For one-year ARMs, the average rate fell from 7.25% to 7.17% with 0.36 points.

July 11, 2008 - Freddie Mac reports a slight jump in the 30-year fixed mortgage rate to 6.37 percent during the week ended July 10, from 6.35 percent the prior week. The five-year adjustable mortgage rate also moved up, climbing to 5.82 percent from 5.78 percent. However, the 15-year fixed rate fell to 5.91 percent from 5.92 percent; and the one-year ARM was unchanged at 5.17 percent.

June 5th 30-Year Rates Continue to Climb - Freddie Mac reports a slight gain in the 30-year fixed mortgage rate to 6.09 percent during the week ended June 5 from 6.08 percent the prior week, marking a nearly three-month high.

The increase can be attributed to concerns about inflation, with investors and analysts interpreting recent comments by Federal Reserve Chairman Ben Bernanke to mean an end to interest-rate cuts as the central bank moves to prevent out-of-control inflation.

May 27th, 2008 - Mortgage applications fell 4.6 percent last week on a seasonally adjusted basis to 593.3 from 621.6 the previous week, the Mortgage Bankers Association says. On an unadjusted basis, the index also declined 4.6 percent compared with the previous week and was down 7.5 percent compared with the same week last year.

The decline was driven by an 8.9 percent decline in refinance applications, whose share decreased to 46.1 percent from 48.2 percent the previous week. Purchases actually increased 9.1 percent.

Mortgage rates were up marginally:
30-year fixed-rate mortgages increased to 5.96 percent from 5.90 percent;
15-year fixed-rate mortgages increased to 5.49 percent from 5.42 percent;
1-year ARMs increased to 6.92 percent from 6.71 percent.

May 2, 2008 - Long-term mortgage interest rates declined Thursday, and the benchmark 10-year Treasury bond yield increased to 3.76 percent. The 30-year fixed-rate average sank to 5.72 percent, and the 15-year fixed rate dipped to 5.29 percent. Meanwhile, the 1-year adjustable rate fell to 5.9 percent. Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

April 30th 2008 - The Federal Reserve has cut a key interest rate by a quarter-point, a smaller move than the aggressive easing it undertook earlier this year. The Fed action, announced Wednesday after a two-day regular meeting, pushed the federal funds rate down to 2 percent, its lowest level since late 2004. It marked the seventh consecutive rate cut by the central bank since it began easing credit conditions last September to combat the growing threat of a recession brought on by a deep housing slump and credit crisis.

The rate cut will mean lower borrowing costs throughout the economy as banks reduce their prime lending rate, the benchmark for millions of consumer and business loans. The Fed move was in line with expectations. Wall Street believes this could well wrap up the Fed's rate cuts unless the economy threatens to fall into a worse slump than currently expected. The Fed said it stood ready to "act as needed to promote sustainable economic growth and stability." That phrase was seen as a signal that the Fed is as worried about weak growth as it is about the risk of higher inflation. The Fed devoted portions of its statement to both the threats of weakness and the threats that inflation could pose, likely reflecting the debate inside the central bank.

Many economists believe the country has fallen into a recession. However, the government reported Wednesday that the overall economy, as measured by the gross domestic product, managed to eke out a 0.6 percent growth rate in the January-March quarter.

April 25 2008 - Long-term mortgage interest rates were up again Thursday, and the benchmark 10-year Treasury bond yield increased to 3.83 percent.

The 30-year fixed-rate average edged up to 5.86 percent, and the 15-year fixed rate gained to 5.45 percent. Meanwhile, the 1-year adjustable rate rose to 5.8 percent. The 30-year Treasury bond yield climbed to 4.55 percent.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5. Mortgages and Home Loans