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| Mortgage Applications Rise Again |
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(August 15, 2007) --
Mortgage applications rose 3.4 percent last week, marking the third week that volume has increased despite rising rates.
The Mortgage Bankers Association Market Composite Index rose last week to 678.7 from 656.5. On an unadjusted basis, the index increased 2.7 percent compared with the previous week and was up 20.6 percent compared with the same week one year ago.
Doug Duncan, MBA's chief economist, cautioned against reading too much into this improvement.
“Recent upheavals in the mortgage industry may be temporarily increasing the level of retail application activity at the large lenders that participate in the MBA survey rather than representing a system-wide increase,” he says.
- The refinance share of mortgage activity remained unchanged at 39.9 percent of total applications.
- The average interest rate for 30-year fixed-rate mortgages increased to 6.45 percent from 6.41 percent.
- The average interest rate for 15-year fixed-rate mortgages increased to 6.19 from 6.16 percent.
- The average interest rate for one-year ARMs increased to 5.81 from 5.69 percent.
— REALTOR® Magazine Online |
| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag), August 15, 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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