Your Economy (No Politics)

[Bullwinkle]

Weekly mortgage applications lower; rates flat to higher
Wednesday, February 8, 2006 2:13:20 PM
http://www.afxpress.com


WASHINGTON (AFX) -- Mortgage applications activity eased in the week ended Feb. 3 compared to the prior week, the Mortgage Bankers Association said. On a seasonally adjusted basis, the MBA's gauge for tracking mortgage applications overall slipped 1.2%, with applications for mortgages to buy homes dropping 2.4% and refinancing applications nosing 0.2% higher. Refinancings accounted for 42.1% of last week's applications, off from 43.0% a week earlier, while adjustable-rate mortgages fell to 29.8% from 30.5%. Average contract interest rates on 30- and 15-year fixed-rate mortgages rose to 6.25% and 5.84%, respectively, from the previous week's 6.20% and 5.79%. The average rate on one-year ARMs held steady at 5.48%. Overall, the MBA's four-week moving average tracking mortgage volumes was down 1.8% on a seasonally adjusted basis.

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