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 July 17, 2009

Rates Show decrease and Loan Applications Increase
Last week, mortgage rates continued to dip, and in turn, applications for mortgages increased.
When measured on a seasonally-adjusted basis, the market index increased nearly 4.5% up to a level of five point four last week. An increase from the previous week's reading of four ninety-three point one. When measured on an unadjusted basis, the index fell fifteen point three percent when measured against the previous week, and decreased two point seven percent when compared to 2008.

The index which measures refinancing showed an increase of nearly 18%, while the purchase index fell nearly 9.5% when measured against the previous week.

Over 50% of loan applications received last week were for refinancing purposes.

Here's how the rates stacked up:

- 30 yr. fixed rate mortgages fell to 5.05% from 5.34%
- 15 yr. fixed rate mortgages fell to 4.59% from 4.83%
- 1 yr. adjustable rate mortgages fell to 6.47% from 6.58%