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 April 25, 2007

Interest Rates Drop; Mortgage Business Increases
The mortgage business improved slightly over the past week compared to 2006 figures. This is due in part to lower interest rates and better spring weather in some areas of the country.
The MBA (Mortgage Bankers Association) conducts a weekly survey of all applications received. This past week's survey showed mortgage loan volume increasing 3.6% on a seasonally adjusted basis. Activity was up a total of 18.2% over 2006.

Refinance loan applications showed a decrease to 43.4% from 43.6% of all loans applied for.

Here's how the rate decreases stacked up: The average interested rate for a 30 year fixed rate mortgage dropped from 6.22% to 6.13%. 15 year fixed rates were at 5.82% from 5.92%. One year ARM rates were at 5.79% from 5.89%.

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