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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Knighty Tin who wrote (22647)	2/2/2005 10:05:12 AM
From: mishedlo	Read Replies (1) of 116555

Refinancings power strong mortgage applications growth Wednesday, February 2, 2005 12:15:16 PM afxpress.com WASHINGTON (AFX) -- Mortgage application volumes rose 7.3 percent on a seasonally adjusted basis in the week ended Jan. 28 compared to the prior week, data compiled by the Mortgage Bankers Association show. Applications for mortgages to buy homes were up 0.3 percent, while refinancings spurted 16.6 percent higher. Refinancings accounted for 48.7 percent of total applications last week, up from the prior week's 46.5 percent, while adjustable-rate mortgages rose to 32.5 percent from 31.7 percent. Average contract interest rates rose for fixed-rate mortgages in the latest week. A 30-year mortgage increased to 5.61 percent from 5.58 percent a week earlier, while a 15-year mortgage climbed to 5.10 percent from 5.03 percent, the MBA said. The rate on a one-year ARM slipped to 4.08 percent from 4.21 percent on a week-to-week basis ======================================================================== Rates have not even dropped and people are refinancing. More borrowing to support consumption Mish

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