Mortgage applications increased last week as mortgage rates declined for the third straight week.

The Mortgage Bankers Association weekly index rose 16.4 percent on a seasonally adjusted basis compared to the previous week. And was up 38.4 percent compared to the same week last year.

The unadjusted purchase index increased 12.9 percent compared to the previous week and was 2.2 percent lower than it was a year ago.

The refinance index increased 18.2 percent and was at its highest level since mid-May.

Thirty- and 15-year mortgage rates were well below 5 percent:

30-year fixed-rate mortgages decreased to 4.89 percent from 4.94 percent.
15-year fixed-rate mortgages decreased to 4.32 percent from 4.34 percent.
1-year ARMs increased to 6.56 percent from 6.40 percent.

Source: Mortgage Bankers Association (10/07/2009)

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