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 September 15, 2007

Holiday Week Brings a Rise in Mortgage Applications
According to the Mortgage Bankers Association's weekly survey, and on a seasonally adjusted basis, mortgage applications increased 5.5% last week, despite a shorter Labor Day holiday workweek.
When measured on an unadjusted basis, the index figures decreased 16.7% compared to the previous week, and increased 1% compared to the same week last year.

The refinance share of the week's activity increased from 41.4% up to 42.1% from the previous week.

Average interest rates on a 30-year fixed mortgage decreased from 6.42% last week to 6.25%. The average rate on a 15-year fixed-rate mortgage decreased from 6.10% to 5.9%. Rates on one-year ARMs (Adjustable Rate Mortgages) decreased from 6.52% to 6.34%.

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