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 March 22, 2007

Small Decline Seen in Home Mortgage Applications
The MBA (Mortgage Bankers Association) reports that mortgage applications for last week were lees than the previous week. This information is compiled from a weekly survey which is conducted by the MBA.
When the numbers are adjusted on seasonal basis, mortgage applications have shown a drop of 2.7% to an index rating of 672.1 compared the previous week's index rating of 690.5.

On an annually-adjusted basis, mortgages showed an increase of 18% compared to the same week in 2006.

Applications for home refinance mortgages dropped to 45.3% of all applications. This is compared to a total of 46.4% the previous week.

The past week showed a slight increase in mortgage percentage rates. Average rates for a 30-yr. fixed rate mortgage showed an increase from 6.03% to 6.06%. Rates for 15-yr. fixed rate mortgages went from 5.78% up to 5.79%. Average contract rates for 1-yr. adjustable rate mortgages rose to 5.88% from 5.86%.

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