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 November 05, 2007

Mortgage Application Increase with Lower Rates
The Mortgage Bankers Association's weekly survey shows applications for new mortgages increased as a response to the availability of the lowest 30-yr. fixed mortgage rates since early May of this year.
On a seasonally adjusted basis, the mortgage applications index increased 3.8% to an index level of 681.7 for week-ending October 26.

When calculated on an unadjusted basis, the index increased 3.6% when compared with ratings of the previous week. The index was up 19.5% compared with the same week in 2006.

Index numbers for refinancing increased 9.2% to a seasonally-adjusted number of 2,249 last week; accounting for 49.6% of all mortgage application activity.

Rates decreased in all categories:

30-yr. fixed mortgages went down from 6.21% to 6.15%

15-yr. fixed mortgages went down from 5.86% to 5.79%

1-yr ARMs went down from 6.1% to 5.93%

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