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| Mortgage Applications Fall Slightly, Rates Rise |
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(April 11, 2007) --
Mortgage applications were down slightly last week as the mortgage interest rates rose a few points. The Mortgage Bankers Association, which calculates the weekly mortgage index, reported a decrease of 0.4 percent in mortgage application volume on a seasonally adjusted basis from 649.5 a week earlier.
However, compared to the same week a year ago — on an unadjusted basis — mortgage applications were up 10.8 percent.
Rising rates pushed the refinance share of mortgage activity down 1.7 percent.
Other movements in average interest rates included:
- 30-year fixed rate mortgages: increased to 6.16 percent from 6.13 percent.
- 15-year fixed rate mortgages: increased to 5.91 from 5.85 percent.
- One-year ARMs : increased to 5.88 from 5.87 percent.
— REALTOR® Magazine Online
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| 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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