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 December 02, 2007

Mortgage Application Volume Slows during Holiday Week
Even after seasonal holiday adjustments were factored in, mortgage applications still showed a decrease.
The weekly survey of lenders conducted by the MBA (Mortgage Bankers Association) showed a decline of 4.3% to an index level of 656.5 compared with the previous week. When calculated on an unadjusted basis, business declined 25.5%, however was up 24.6% compared with the same week one year ago. Both weeks included the Thanksgiving holiday.

Applications for refinancing decreased to 45.8% of all applications received compared to 50.3% the previous week.

Average contract interest rates on loans decreased:

30-yr fixed rate mortgages went down from 6.18% to 6.09%

15-yr fixed rate mortgages went down from 5.71% to 5.69%

1-yr ARMs went up from 5.98% to 6.24%

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