Wednesday, July 22, 2009

Mortgage Applications and Interest Rates Increase

  • The average contract interest rate for 30-year fixed-rate mortgages increased to 5.31 percent from 5.05 percent, with points increasing to 1.18 from 1.12 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
  • The Market Composite Index, a measure of mortgage loan application volume, was 528.9, an increase of 2.8 percent on a seasonally adjusted basis from 514.4 one week earlier.
  • The Refinance Index increased 4.0 percent to 2089.7 from 2009.4 the previous week.
Source: Mortgage Bankers Association
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