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Mortgage Applications Rise From Buyers

Daily Real Estate News  |  June 3, 2009  |   Share

Mortgage application volume declined 16.2 percent last week, with the Mortgage Bankers Association’s index falling to 658.7 from 786, as mortgage rates hit a seven-month high.

The index was adjusted to account for the Memorial Day holiday. On an unadjusted basis, the index declined 32.5 percent compared with the previous week and was down 14.4 percent compared with the same week a year ago.

Overall volume was down because fewer people refinanced their properties. The purchase index actually climbed 4.3 percent compared to the previous week.

Mortgage rates were up:

  • 30-year fixed-rate mortgages increased to 5.25 percent from 4.81 percent.
  • 15-year fixed-rate mortgages increased to 4.8 percent from 4.44 percent.
  • 1-year ARMs increased to 6.61 percent from 6.55 percent.

Source: Mortgage Bankers Association (06/03/2009)

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