Applications for Loans Fall

Daily Real Estate News, September 23, 2010

Applications to purchase homes declined 3.3 percent last week on a seasonally adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the purchase index increased 18.9 percent compared to the previous week, which included Labor Day, but was 38 percent lower than the same week a year ago.

Mortgage rates declined slightly compared to the previous week:

· 30-year fixed-rate mortgages decreased to 4.44 percent from 4.47 percent;
· 15-year fixed-rate mortgages decreased to 3.88 percent from 3.96 percent;
· 1-year ARMs increased to 6.96 percent from 6.89 percent.

Source: Mortgage Bankers Association (09/22/2010)

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