Mortgage Applications Rebound
After a couple of down weeks,
the spring buying season kicked in and mortgage application volume
rose last week 15.6 percent on a seasonally adjusted basis to 655.4
from 567.0 the previous week, according to the Mortgage Bankers
Association weekly survey.
On an unadjusted basis, the
index increased 15.9 percent compared to the previous week, but was
down 4.4 percent from the same week a year ago.
Last week’s increase reflected
a rise of 19.3 percent in refinances with the refinance share of
mortgage activity rising to 47.1 percent from 45.7 the previous
week. Purchase applications rose 12.1 percent.
Interest rates declined
slightly:
- 30-year fixed-rate
mortgages decreased to 5.91 percent from 6.01 percent;
- 15-year fixed-rate
mortgages decreased to 5.49 percent from 5.53 percent;
- 1-year ARMs
decreased to 6.77 percent from 6.86 percent.
Source: Mortgage Bankers
Association (05/07/2008)
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