the mba weekly mortgage applications index rose 2.9% for the week ending 5/9/08. but weakness remains as an unadjusted basis the index was down 1.1% from the same week one year earlier. the four week moving average is down 2.7%.
applications for new purchases, which provide an indication of future sales, slipped 0.7%. but refinacing activity rose 6.5% as homeowners took advantage of a drop in rates and the fact that lenders are becoming more willing to rework loans to avoid foreclosure.
the average rate for 30-year fixed-rate mortgages decreased to 5.82% from 5.91% and the average rate for 15-year fixed-rate mortgages decreased to 5.38% from 5.49 % one week earlier.