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To: Giordano Bruno who wrote (254261)	8/6/2003 7:52:23 AM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

U.S. mortgage bankers' index rises despite rate hike By Mike Maynard WASHINGTON (CBS.MW) -- Applications for mortgages in the United States increased slightly last week despite a huge 50 basis-point spike in interest rates, the Mortgage Bankers Association reported. The overall application index rose 1.1 percent. Loans to refinance existing mortgages declined 2.4 percent, while applications for purchase loans rose 6.9 percent. The rate on the average 30-year fixed loan rose by 50 basis points, climbing to 6.37 percent from 5.87 percent a week earlier. "The relatively modest drop in refinancing activity despite a rather sharp increase in interest rates indicates some borrowers decided this might be their last change to refinance before rates went up further," said Jay Brinkmann, an economist at the MBA.