Posted December 31, 2007 - Source: Mortgage Banker's Association
Mortgage applications fell last week but they were up nearly 10 percent compared to the same week last year, according to the Mortgage Bankers Association’s weekly survey. The index fell a seasonally adjusted 7.6% last week to 603.8. On an unadjusted basis, the index decreased 8.2%, compared with the previous week and was up 9.9% compared with the same week a year ago. The refinance share of mortgage activity decreased slightly to 53.0% of total applications from 53.2% the previous week. Mortgage rates declined
30-year fixed-rate mortgages decreased to 6.10% from 6.18% (-1.3% overall decline).
15-year fixed-rate mortgages decreased to 5.66% from 5.78% (-2.1% overall decline).
1-year ARMs decreased to 6.03% from 6.48% (-6.94% overall decline).