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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (12468)9/29/2004 8:45:59 AM
From: mishedlo   of 116555
 
Mortgage applications activity higher in latest week
Wednesday, September 29, 2004 11:17:03 AM

WASHINGTON (AFX) -- The volume of mortgage applications tracked by the Mortgage Bankers Association rose 4.9 percent in the week ended Sept. 24 compared to the prior week. Also on a seasonally adjusted basis, the MBA's index gauging purchase applications increased 2.7 percent, with refinancings advancing 7.7 percent from week to week. Refinancings accounted for 45.9 percent of mortgage activity, up from 44.5 percent in the prior week, while adjustable-rate mortgages made up 32.5 percent of applications, down from 33.1 percent. The MBA said average contract interest rates slipped for 30- and 15-year fixed-rate mortgages, to 5.64 percent from 5.66 percent and to 4.99 percent from 5.02 percent a week earlier, respectively. One-year ARMs saw their rates increase to 3.92 percent from 3.89 percent
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