Your Economy (No Politics)

[Bullwinkle]

Weekly mortgage applications lower as rates rise
Wednesday, February 1, 2006 12:15:21 PM
http://www.afxpress.com


WASHINGTON (AFX) -- The volume of applications for mortgages fell 5.1% in the week ended Jan. 27 compared to the prior week, according to data compiled by the Mortgage Bankers Association. Also on a seasonally adjusted basis, applications for mortgages to buy homes dropped 8.0%, while refinancing applications were off 1.5%. Refinancings accounted for 43.0% of of total applications filed last week, up from 42.8% a week earlier, and adjustable-rate mortgages reached 30.5% from 29.5%. Average contract interest rates for 30- and 15-year fixed-rate mortgages rose to 6.20% and 5.79%, respectively, from 6.04% and 5.66% in the previous week. One-year ARMs averaged 5.48% last week, up from 5.44%. Overall, the four-week moving average tracking seasonally adjusted applications activity was up 3.3%, the MBA said.

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