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 September 20, 2007

Mortgage Applications Increase for Third Straight Week
Last week, mortgage applications rose 2.4% on a seasonally adjusted basis up to an index level of 673.2. Information obtained from the Mortgage Bankers Association's weekly survey.
When calculated on an unadjusted basis, the index increased 26.6% when compared with the previous week's activity. One an annual basis, the index was up 12.8%.

A portion of the increase could be attributed to refinance applications. These increased up to 43.4% of total applications received, which is an increase from 42.1% last week.

Slight increases were seen in average interest rates:
30-year fixed rate mortgages went from 6.25% up to 6.29%.
15-year fixed rate mortgages went from 5.90% to 5.99%.
10year ARMs went from 6.34% up to 6.39%

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