Thursday, August 9, 2007

Daily Real Estate News | August 8, 2007

Mortgage Apps Rise After Mid-Summer Slowdown

After a couple of down weeks, the number of mortgage applications rose 8.1 percent last week on a seasonally adjusted basis from 607.1 to 656.5, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index increased 7.7 percent compared with the previous week and was up 18 percent compared with the same week a year ago.

The refinance share of mortgage activity increased slightly to 39.9 percent of total applications from 39.4 percent the previous week.

The average interest rate for 30-year fixed-rate mortgages decreased to 6.41 percent from 6.50 percent. The average interest rate for 15-year fixed-rate mortgages decreased to 6.16 from 6.20 percent. The average interest rate for one-year ARMs decreased to 5.69 from 5.73 percent.

Source: REALTOR® Magazine Online

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