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 August 11, 2007

Mortgage applications Increase Following Mid-summer Slowdown
Following a couple of slow weeks, mortgage applications increased 8.1% last week, based on a seasonally adjusted basis from 607.1 up to 656.5. This information reported by the Mortgage Bankers Association weekly survey.
When measured on an unadjusted basis, the index went up 7.7% when compared with the previous week and increased 18% compared with 2006 numbers.

Applications fro refinancing increased a bit to 39.9% of all applications, up from 39.4% the previous week.

The average interest rate on a 30 year fixed rate mortgage went down from 6.50% to 6.41%. Rates on 15 year fixed rate mortgages went down from 6.20% to 6.16%. average rates on 1 year ARMs decreased from 5.73% to 5.69%.

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