Mortgage Applications Rise; Rates Decrease

Mortgage applications rose above 5 percent last week on a seasonally adjusted basis, despite a shortened Labor Day holiday week, according to the Mortgage Bankers Association weekly survey.On an unadjusted basis, the index decreased 16.7 compared to the previous week and was up only .01 percent compared with the same week a year ago.

The refinance share of mortgage activity increased to 42.1 percent of total applications from 41.4 percent the previous week.

The average interest rate for 30-year fixed-rate mortgages decreased to 6.25 percent from 6.42 percent. The average interest rate fro 15-year fixed-rate mortgages decreased to 5.9 percent from 6.10 percent. The average interest rate for one-year ARMS decreased to 6.34 percent from 6.52 percent.

Source: REALTOR Magazine

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