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 December 04, 2009

Applications for Mortgages Drop Last Week
The Mortgage Bankers Association's weekly survey reports that applications for new mortgages fell four and a half percent last week when compared to the activity of the previous week.
Information is presented on a seasonally-adjusted basis. The mortgage application index fell nearly 6%; with the bulk of the decline coming from fewer applications to refinance. The index which measures loan applications for home purchases, when calculated on an unadjusted basis, increased nearly 5% when compared to the previous week's activity. This index was down just over 13.5% from 2008.

Interest rates came in as follows:

30 yr. fixed rate mortgages dropped from 4.83% to 4.82%
15 yr. fixed rate mortgages were unchanged at 4.32%
1 yr. Adjustable rate Mortgages (ARM)s dropped from 6.85% to 6.66%