 | Daily Real Estate News | July 2, 2008 |
Mortgage Applications Rise
Mortgage applications rose 3.6 percent last week on a seasonally adjusted basis to 477.7 from 461.3, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the index increased 3.2 percent compared to the previous week, but it was down 22.8 percent compared with the same week last year.
The refinance index increased 4.7 percent and the purchase index rose 2.8 percent, at least in part because mortgage rates declined slightly after hitting yearly highs earlier in the month.
Mortgage rates were mixed last week:
- 30-year fixed-rate mortgages decreased to 6.33 percent from 6.39 percent
- 15-year fixed-rate mortgages decreased to 5.9 percent from 5.95 percent
- 1-year ARMs increased to 7.14 percent from 7.09 percent.
Source: Mortgage Bankers Association (07/02/2008)
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