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| Mortgage Applications Rise as Interest Rates Edge Down |
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(May 9, 2007) --
The mortgage Market Composite Index on a seasonally adjusted basis was up 3.6 percent to 680.7 from 657.2 the previous week. On an unadjusted basis, mortgages applications were up 4 percent compared with the previous week and 19.9 percent compared with the same week a year ago.
The refinance share of mortgage activity increased slightly to 41.8 from 41.5 the previous week.
The average interest rate for a 30-year fixed-rate mortgage decreased to 6.1 percent from 6.14 percent. The average rate for a 15-year fixed-rate mortgage decreased to 5.82 percent 5.83 percent. And the average contract rate for a one-year ARM decreased to 5.71 percent from 5.79 percent.
— REALTOR® Magazine Online |
| Reprinted from REALTOR® Magazine Online (http://www.realtor.org/realtormag) May 2007 with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2007. All rights reserved. |
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