DAILY REAL ESTATE NEWS

April 18, 2007Mortgage Volume Slows,

Although Refinances Up Mortgage application volume decreased 2.5 percent last week on a seasonally adjusted basis, probably because of the Easter holiday, says Vincent Varma, director of industry surveys at the Mortgage Bankers Association.Compared with the same week last year – on an unadjusted basis – applications rose 9.9 percent. A clear improvement since Easter didn’t fall in the same week last year.The refinance share of mortgage activity increased to 43.6 percent, compared to 42.8 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.22 percent from 6.16 percent. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.92 from 5.91 percent. The average contract interest rate for one-year ARMs increased to 5.89 from 5.88 percent.

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