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 October 26, 2007

Rates decline and Refinance Applications Rise
The weekly survey of lenders conducted by the Mortgage Bankers Association showed that applications for home loan refinancing increased 4% last week.
Total mortgage applications showed an increase of from 656.3 up slightly to 656.5 when calculated on a seasonally-adjusted basis. On an unadjusted basis, they increased 11.2% when compared with the previous week, and were up 11.5% over 2006: an anomaly which is attributed to the Columbus Day Holiday.

Mortgage rates dropped slightly during the past week:

30-yr. fixed rate mortgages went down from 6.4% to 6.21%

15-yr. fixed rate mortgages went down from 6.09% to 5.86%

1-yr ARMs fell from 6.17% to 6.1%

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