Mortgage applications fallInterest rates continue to decrease despite rates falling to their lowest level since January, a trade group reports.NEW YORK (CNNMoney.com) -- Mortgage applications continued its downward fall despite a drop in mortgage rates to their lowest level since January, an industry trade group's data showed Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Nov. 24 fell 3.9 percent to 599, from 623.6 one week earlier. The 30-year fixed-rate mortgage remained at 6.13 percent, its lowest level since January 2006. The group's seasonally-adjusted refinance index decreased by 9.6 percent to 1749.6 from 1935.3 the previous week and the purchase index increased by 1.3 percent to 406.7 from 401.4 one week earlier. The refinance share of mortgage activity decreased to 46.9 percent of total applications from 48.6 percent the previous week. Fixed 15-year mortgages rates decreased to 5.86 percent from 5.88 percent. Rates on one-year adjustable-rate mortgages (ARMs) decreased to 5.87 percent from 5.88 percent. The ARM share of activity decreased to 24.5 from 25.5 percent of total applications from the previous week. The ARM share is at its lowest level since October 2003, the MBA said. The MBA's survey covers about 50 percent of all U.S. retail residential mortgage loans. Respondents include mortgage bankers, commercial banks and thrifts. ----------------------------------------------------------------- The great outdoors made greater Most affordable U.S. housing market |
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