Your Economy (No Politics)

[Bullwinkle]

Weekly mortgage applications down; rates flat to higher
Wednesday, February 15, 2006 12:16:05 PM
http://www.afxpress.com


WASHINGTON (AFX) -- The volume of mortgage applications fell 7.3% in the week ended Feb. 10 compared to the prior week, the latest data from the Mortgage Bankers Association show. Also on a seasonally adjusted basis, week-to-week applications for mortgages dropped 7.9% and refinancing applications decreased 6.5%. Refinancings accounted for 41.2% of total applications, down from the previous week's 42.1%, while adjustable-rate mortgages slipped to 29.6% from 29.8%. The average contract interest rate on a 30-year fixed-rate mortgage held steady at 6.25%, but the rate on a 15-year fixed-rate mortgage moved up to 5.92% last week from 5.84% a week earlier. The rate on a one-year ARM averaged 5.52%, up from 5.48%. Overall, the seasonally adjusted four-week moving average tracking mortgage applications activity was off 1.6%, according to the MBA

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