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Home Loan Applications Resume High Volume
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May 25, 2005 LOS ANGELES -- A few
days ago we reported that the prior week's tally of home loan applicants had
taken a dive for the first time since last April. Today we are pleased to report
that the Mortgage Bankers Association, or MBA, report released on Wednesday
indicating last week's
mortgage application volume
shows significant increases for not only
purchase money, but for
refinancing as well. We can attribute this to the steadiness of
low interest
rates for long-term home finance lending.
The MBA said Wednesday that its seasonally adjusted index of mortgage
application activity jumped upwards by 4.3% to a total of 729.6. This certainly
offsets the 10.5 percent declination we saw for the previous week.
Seasonally adjusted figures for
home refinancing applications also went
upward by 6.4%, totaling an index amount of 2167.9. Refi activity as far as
volume of applications is concerned fell 10 percent the previous week. The
home
purchase loan index, went skyward by 2.8%, bringing the MBA's index volume to percent
to 482.3. This follows a drop of 10.8 percent seen the week prior. These figures
both represent good news for mortgage companies, both online and at local banks.
The tally for fixed interest 30-year mortgage rates was 5.63 percent last week.
This figure represents a down slide of 10 basis points from 5.73 percent the week
before. - Article by
Stockton Marquette, Mortgage Columnist.
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