Foreclosures are rising but  mortgage loan application volume, has increased to 15.8% on a seasonally adjusted basis.

The Refinance Index increased 25.6%  and the seasonally adjusted Purchase Index decreased 14.1% . The Refinance Index is at its highest level since the week ending June 27, 2003.

The four week moving average for the seasonally adjusted Market Index is up 10.8%. While this average is up 13.8% for the Refinance Index.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.89% from 5.07%, with points increasing to 1.20 from 1.16 (including the origination fee) for 80% loan-to-value (LTV) ratio loans. The contract rate for 30-year fixed-rate mortgages is the lowest recorded in the survey. The previous low was 4.99% for the week ending June 13, 2003.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.63% from 4.67%, with points decreasing to 1.14 from 1.16 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs decreased to 5.89% from 5.90%, with points decreasing to 0.11 from 0.31 (including the origination fee) for 80% LTV loans.

North and South Carolina is gaining home owners.

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