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MBA Mortgage Applications
Wednesday, November 30, 2005 12:15:29 PM


WASHINGTON (MarketWatch) -- Despite lower interest rates, the volume of mortgage applications slipped 1.8% in the week ended Nov. 25 compared to the prior week, the Mortgage Bankers Association reported. Also on a seasonally adjusted basis, refinancing applications dropped 6.3%, but applications for mortgages to buy homes ticked up 0.8%. Refinancings accounted for 39.1% of total applications, down from the prior week's 39.9%, while adjustable-rate mortgages eased to 33.0% from 33.2%. Average contract interest rates on 30- and 15-year fixed-rate mortgages fell last week to 6.20% and 5.72%, respectively, from 6.26% and 5.83% a week earlier. Rates on one-year ARMs averaged 5.39%, off from 5.41%, the MBA said. The four-week moving average tracking mortgage applications overall has dipped by 0.9%


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