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To: Johnny Canuck who wrote (42557)	7/20/2005 10:10:12 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69990

7:00AM Mortgage volumes rise along with interest rates by Mike Maynard WASHINGTON (MarketWatch) -- Higher interest rates haven't detered the pace of mortgage applications, which rose 1.2% in the week ended July 15 compared to the prior week, the Mortgage Bankers Association said. Also on a seasonally adjusted basis, refinancing applications rose 2.5%, while applications for mortgages to purchase homes eased 0.1%. Refinancings accounted for 45.7% of total applications last week, up from the prior week's 45.1%, while adjustable-rate mortgages rose to 28.5% from 27.9%. Average contract interest rates for 30- and 15-year fixed-rate mortgages rose last week to 5.72% and 5.28%, respectively, from 5.62% and 5.21% a week earlier. The rate on one-year ARMs averaged 4.63% last week, up from 4.56% in the prior week. Overall, the four-week moving average for mortgage application volumes was up 0.4%, the MBA's data showed.