La Jolla Real Estate - Mortgage Applications Rise along with Rates

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May 23, 2007

Mortgage Applications Rise along with Rates
More people applied for mortgages last week despite an increase in interest rates. This activity increased the Mortgage Bankers Association Market Composite Index up 1.6% to a level of 686.2 on an adjusted basis compared to last week's activity.

Compared to 2006 figures, the index increased 23% on an adjusted basis.

Applications for refinancing showed an increase of 42.3% of total loan applications received. This is up from 42.1% last week.

Average rates for a 30 year fixed mortgage are at 6.23%, up from 6.13%; 15 year fixed rate mortgages are at 5.96%, up from 5.81%; one year ARMs are at 7.72%, up from 5.61%.

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