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 July 22, 2007

Interest Rates Drop, Mortgage Applications
Applications for new mortgage loans increased 0.9% last week on a seasonally adjusted basis to 631.6.
Measured on an adjusted basis, the MBA (Mortgage Bankers Association) weekly survey of mortgage applications showed an increase of 25.9% compared with the previous week, which included the 4th of July holiday. This figure was up 15.7% from the same week in 2006.

Refinance mortgages increased to 37.7% of all applications, also up from 36.2% the previous week.

Average interest rates on 30 year fixed rate mortgages went down to 6.61% from 6.65%.

The average rate on a 15 year fixed mortgage went down to 6.29%.

Average contract interest rate on a one year ARM remained unchanged at 5.6%

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