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Mortgage apps up in short week
Mortgage Bankers Association reports 5.5 percent
increase in Memorial Day week and uptick in refinancing
activity as well.
CNN Money
NEW YORK (CNNMoney.com) -- Mortgage applications climbed
last week, according to the latest report by the Mortgage
Bankers Association published Tuesday.
Taking into account the Labor Day holiday, the industry
group's seasonally adjusted index of mortgage applications
climbed 5.5 percent to 657.4 in the week ended Sept.
7, from 622.9 one week earlier.
The four-week moving average, which smoothes out volatility
in the weekly figures, fell by 0.8 percent.
Also adjusted for the national holiday, the MBA's refinancing
index gained 6 percent to 1876.6 from 1770.2 the previous
week, while the Purchase Index increased 5.2 percent
to 448 from 425.8 one week earlier.
Borrowing costs on 30-year fixed-rate mortgages, excluding
fees, averaged 6.25 percent, down from 6.42 the previous
week.
Fixed 15-year mortgage rates fell to 5.9 percent from
6.10 percent in the previous week.
The MBA's survey covers about 50 percent of all U.S.
retail residential mortgage loans. Respondents include
mortgage bankers, commercial banks and thrifts.
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