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 September 06, 2007

Mortgage Application Activity Climbing Out of August Slump
Applications for new mortgages showed an increase last week, following a three-week slump, according to the weekly survey conducted by the Mortgage Bankers Association.
The mortgage applications index increased last week by a seasonally adjusted 1.3% up to 622.9. When measured on an unadjusted basis, the index fell 0.2% compared with the previous week, however was up a full 10% compared with the same week one year ago.

Refinance applications posted an increase of 41.4% of total applications.

Mortgage rates showed a slight increase:

30-year fixed rate mortgages increased from 6.41% up to 6.42%.

15- year fixed rate mortgages remained unchanged at 6.10%

1- year ARMs increased from 6.51% up to 6.52%

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