Wednesday, March 28, 2007

Mortgage Demand up 17% Year over Year

Mortgage Demand Up Almost 17 Percent Year Over Year

Demand for mortgages fell slightly last week compared to the previous one with the Market Composite Index decreasing 0.2 percent from 672.1. But on an unadjusted basis compared with the same week one year ago, applications were up 16.6 percent.The refinance share of mortgage activity decreased to 45.1 percent of total applications from 45.3 percent the previous week.The average interest rate for 30-year fixed-rate mortgages decreased to 6.04 percent from 6.06 percent.The average interest rate for 15-year fixed-rate mortgages decreased to 5.77 from 5.79 percent.The average contract interest rate for one-year ARMs decreased to 5.84 from 5.88 percent.

—REALTOR® Magazine Online

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