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 percent last week to 603.8. On an unadjusted basis, the index decreased 8.2 percent, compared with the previous week and was up 9.9 percent compared with the same week a year ago.The refinance share of mortgage activity decreased slightly to 53.0 percent of total applications from 53.2 percent the previous week.Mortgage rates declined:- 30-year fixed-rate mortgages decreased to 6.10 percent from 6.18 percent.
- 15-year fixed-rate mortgages decreased to 5.66 percent from 5.78 percent.
- 1-year ARMs decreased to 6.03 percent from 6.48 percent.
Source: Mortgage Bankers Association (12/27/07)
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