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| Falling Rates Improve Mortgage Business |
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(April 25, 2007) --
With rates moving down slightly and spring in the air, the mortgage business improved last week compared with the previous week and with the same time a year ago.
According to the Mortgage Bankers Association Weekly Applications Survey, mortgage loan volume rose 3.6 percent to 653.3 on a seasonally adjusted basis. It was up 18.2 percent compared with the previous year.
The refinance share of mortgage activity decreased to 43.4 percent compared with 43.6 percent the previous week.
The average interest rate for 30-year fixed-rate mortgages decreased to 6.13 percent from 6.22 percent. The average interest rate for 15-year fixed-rate mortgages decreased to 5.82 from 5.92 percent. The average interest rate for one-year ARMs decreased to 5.79 from 5.89 percent.
- REALTOR® Magazine Online |
| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag) April 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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