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| Mortgage Applications Point to Modest Slowing |
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(June 20, 2007) --
Mortgage activity slowed last week, despite slipping mortgage rates.
The Mortgage Bankers Association mortgage application index dropped 3.4 percent to a seasonally adjusted 643.7 for the week ending June 15.
On an unadjusted basis, the index rose 13.2 percent compared with the same week one year earlier.
The refinance share of mortgage activity remained unchanged at 38 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.60 percent from 6.61 percent. The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 6.28 percent. The average contract interest rate for one-year ARMs increased to 5.70 from 5.48 percent.
Source: REALTOR® Magazine Online
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| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag), June 20, 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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