Mortgage applications down 2.1% last week: MBA

ORLANDO, Fla. (MarketWatch) -- Mortgage applications decreased a seasonally adjusted 2.1% last week compared with the previous week, as mortgage interest rates broadly increased, according to the Mortgage Bankers Association's most recent survey, released on Wednesday.

Applications were up an unadjusted 65% in the week ended Feb. 8 compared with the same week in 2007, the Washington-based industry group reported.

Mortgage applications to refinance an existing loan were down 3.0% last week, compared with the previous week, according to the MBA survey. Applications to purchase a home eased a seasonally adjusted 0.3%.

The four-week moving average for all loans was up 3.9% on a seasonally adjusted basis, reflecting improvement in refinancing filings.

Refinancings accounted last week for 67.4% of all applications, down from 69.2% the previous week. Adjustable-rate mortgage applications increased to 9.9%, up from 8.8% the previous week.

The interest rate on a 30-year fixed-rate mortgage averaged 5.72% last week, up from 5.61% the previous week. The 15-year fixed-rate mortgage also rose, averaging 5.18%, up from 5.09%.

One-year ARMs averaged 5.72% last week, up from 5.62% the previous week.

The MBA survey covers about half of all U.S. retail residential mortgage applications.