Mortgage Demand Up Slightly Last Week

The volume of mortgage applications increased slightly last week, rising 0.5 percent on an adjusted basis to 421.6, compared with 419.3 a week earlier, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index decreased 0.9 percent compared to the previous week and was down 31.2 percent compared with the same week a year ago.

Both refinances and purchases were up slightly. The refinance index increased 0.3 percent and the purchase index rose 0.6 percent.

Interest rates declined slightly:
30-year fixed-rate mortgages decreased to 6.44 percent from 6.47 percent;
15-year fixed-rate mortgages decreased to 5.94 percent from 5.99 percent;
1-year ARMs increased to 7.15 percent from 7.07 percent.

Source: Mortgage Bankers Association (08/27/2008)

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