Released: July 30, 2008

Mortgage applications hit a 2008 low despite lower rates

Source: Stephen Bernard, AP

Mortgage application volume tumbled 14.1% the week ended July 25, hitting its lowest level of the year, according to the Mortgage Bankers Association’s weekly application survey. The number of applications fell even though interest rates on fixed-rate mortgages retreated from sharp increases a week earlier.

The average rate for traditional, 30-year fixed-rate mortgages fell to 6.46% from 6.59% the previous week. Rates for 15-year fixed-rate mortgages — a popular option for refinancing a home — fell to 5.98% from 6.10%.

The average rate for one-year adjustable-rate mortgages rose to 7.25% from 7.16% a week earlier.

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