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Mortgage Application Volume Trend Rises 9.4 Percent
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May 12, 2005 LOS ANGELES -- More good news for mortgage
rate hunters and curious lookie-loo's alike today. Once again, countrywide
overall mortgage application activity took an upward swoop by nearly ten points,
9.4 percent compared to the prior week to be exact.
The analysis, released by the MBA (the Mortgage Bankers
Association) denotes applicant activity for the week ending May 6. If observing
these stats on a seasonally adjusted basis, the refinance application share went
up up 9.8 percent. Simultaneously, home purchase loan applications surged by 9.4
percent.
The MBA announced that home purchase loan applicant measured
volume climbed to a record. Last week refinance mortgage 1003's accounted for
39.2 percent of the total number. The previous week showed refi applications
landed at 39.1 percent of the share.
Regarding adjustable-rate mortgages: The MBA says 35.3 percent
of the volume came from ARM loan seekers. That is a nudge upwards as well
compared to prior week 33.4 percent of the market share.
Mortgage rates for 30-year fixed conventional loans rose
slightly to 5.77 percent. 15 year fixed rates climbed to average 5.34 percent, a
slight nudge from previous week's total of 5.31.
A stable economic state, particularly the collar economists say has been wrapped around inflation, can be attributed to rates remaining at historic low levels.
News article by Stockton Marquette, Mortgage Industry Analyst
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