Gross Mortgage Applications Up 2.1%: MBA
By Austin Kilgore

Mortgage applications increased in two weekly surveys.

The Mortgage Bankers Association (MBA) index of gross mortgage applications increased 2.1% on a seasonally adjusted basis from the previous week.

Mortgage Maxx’s index of applications that’s adjusted to calculate the number of individuals who apply for mortgages increased 3.9%.

Both indices were adjusted for the shortened holiday week.

MBA’s refinance index increased 1.7% from the previous week and the purchase index increased 4.1%. Refinance mortgages took a 72.1% share of total applications, up from 71.7% in the week prior. Adjustable-rate mortgages (ARMs) accounted for 4.8% of total applications, down from 5.3% in the previous week.

Mortgage Maxx said the recent results are seasonally strong, but projected next week will be the strongest week for the balance of 2009.

Write to Austin Kilgore.