Your Economy (No Politics)

[Bullwinkle]

Mortgage applications off modestly as rates rise, MBA says
2006-04-19 12:42 GMT


WASHINGTON (AFX) -- The volume of mortgage applications activity slipped 1.7% in the week ended April 14 compared to the prior week, data compiled by the Mortgage Bankers Association show. Also on a seasonally adjusted basis, applications for mortgages to purchase homes fell 2.7%, while refinancing applications eased 0.4% week to week. Refinancings accounted for 36.4% of total applications, up from 36.0% a week earlier, while adjustable-rate mortgages reached 28.9% from 28.6%. Average contract interest rates on 30- and 15-year fixed-rate mortgages rose last week to 6.56% and 6.19%, respectively, from 6.50% and 6.17% a week earlier. One-year ARMs averaged 6.00%, up from 5.97%. Overall, the four-week moving average tracking mortgage applications activity was up 0.8%, the MBA said.

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