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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Perspective who wrote (9623)7/21/2004 11:09:38 AM
From: mishedlo  Read Replies (1) of 116555
 
Weekly mortgage applications activity down 4%
Wednesday, July 21, 2004 11:53:46 AM

WASHINGTON (AFX) -- The Mortgage Bankers Association said its benchmark measuring mortgage applications activity declined 4 percent in the week ended July 16. Also on a seasonally adjusted basis, mortgage purchases were down 6.1 percent and refinanings eased 0.7 percent compared to the prior week. Refinancings accounted for 37.1 percent of total applications last week, up from 35.8 percent a week earlier, while adjustable-rate mortgages slipped to 31.3 percent from 31.5 percent. The average contract interest rate for a 30-year fixed-rate mortgage ticked up to 5.96 percent from 5.95 percent a week earlier, while a 15-year fixed-rate mortgage eased to 5.34 percent from 5.36 percent. The rate on one-year ARMs remained steady at 3.93 percent, according to the MBA's data
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