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| Mortgage Applications, Interest Rates Fall Slightly |
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(August 1, 2007) --
Mortgage applications fell last week for the second consecutive week, down 0.3 percent on a seasonally adjusted basis. On an unadjusted basis, the index decreased 0.4 percent compared with the previous week, but was up 14.2 percent compared with the same week a year ago.
The refinance share of mortgage activity increased to 39.4 percent of total applications from 38.5 percent the previous week.
Meanwhile, the average interest rate for 30-year fixed-rate mortgages decreased to 6.5 percent from 6.59 percent. The average interest rate for 15-year fixed-rate mortgages decreased to 6.2 from 6.24 percent, and the average interest rate for one-year ARMs increased to 5.73 from 5.62 percent.
— REALTOR® Magazine Online
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| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag), August 1, 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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