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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Knighty Tin who wrote (9216)7/14/2004 11:07:58 AM
From: mishedlo  Read Replies (1) of 116555
 
Weekly mortgage activity slows; ARM rates on the rise
Wednesday, July 14, 2004 11:28:32 AM

WASHINGTON (AFX) -- U.S. mortgage applications activity slowed last week. The Mortgage Bankers Association says its composite index tracking mortgage loan applications dropped 6.3 percent in the holiday-shortened week ended July 9. Also on a seasonally adjusted basis, the MBA's purchase index declined 6.4 percent compared to the prior week, while its refinance index was off 6.1 percent. Refinancings accounted for 35.8 percent of applications last week, unchanged from the week ended July 2. Adjustable-rate mortgages made up 31.5 percent of total applications, down from 34.1 percent. The average contract interest rate for 30- and 15-year fixed-rate mortgages eased in the latest week, to 5.95 percent and 5.36 percent, respectively, from 5.96 percent and 5.39 percent a week earlier. One-year ARMs saw their rates increase to 3.93 percent, on average, from 3.90 percent, according to the MBA
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