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Washington (AP)

Mortgage applications rise 9 percent after rates fall

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Applications for mortgages rose last week as consumers refinanced their loans at the lowest rates in more than 50 years.

The Mortgage Bankers Association says overall applications increased nearly 9 percent from a week earlier. But the growth in borrowing came from applications to refinance home loans and not to make new purchases.

Refinancings were up 13 percent, the highest level since May 2009. But they remain about half the level of early 2009. New mortgages taken out to purchase homes fell 4 percent. They were 36 percent below last year's levels.

The average rate for a 30-year fixed loan sank to 4.69 percent last week, according to Freddie Mac. That was the lowest since the since the mortgage company began keeping records in 1971.

(Copyright 2010 by The Associated Press. All Rights Reserved.)