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 December 16, 2007

Mortgage Application Activity Increases over Past Week
For week-ending December 8, mortgage application activity increased 2.5% up to an index rating of 811.8, up from 791.8 the previous week, on an adjusted basis. This nationwide activity information is provided by a weekly survey of mortgage bankers which is conducted by the Mortgage Bankers Association.
When calculated on an unadjusted basis, the index figures increased 1.4% when compared to the previous week, and was up 14.2% compared with the same week in 2006.

The refinance index increased 4.3%, with the refinance portion of all mortgage activity increased to 57.6% of total applications. This increase occurred even though average rates showed a slight increase.

Here is an overview of the rates for the past week:

30-yr. fixed rate mortgages went up from 5.82% up to 6.07%

15-yr. fixed rate mortgages went up to 5.72%

1-yr. adjustable rate mortgages went up to 6.31%

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