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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: ThirdEye who wrote (15375)	11/10/2004 11:30:17 AM
From: mishedlo	Respond to of 116555

Mortgage rates move higher, dampening applications: MBA Wednesday, November 10, 2004 12:19:20 PM afxpress.com WASHINGTON (AFX) -- With rates moving higher, mortgage applications activity dropped 4.5 percent in the week ended Nov. 5 compared to the prior week, according to the Mortgage Bankers Association's latest survey. Also on a seasonally adjusted basis, the MBA's index tracking mortgage applications for home purchases dropped 2.7 percent, while refinancing applications sank 6.7 percent. Refinancings accounted for 45.2 percent of applications in the latest week, down from 45.7 percent a week earlier, while adjustable-rate mortgages rose to 35.3 percent from 34.4 percent. The average contract interest rate for a 30-year fixed-rate mortgage rose to 5.69 percent last week, up from 5.65 percent a week earlier, while the rate on a 15-year mortgage climbed to 5.08 percent from 4.98 percent. For a one-year ARM, the rate reached 4.03 percent from 3.96 percent