Mortgage Applications Down 11.6 Perecent Last Week

The Mortgage Bankers Association reported today that mortgage applications fell a seasonally adjusted 11.6% in the last week of 2007.

The latest data on mortgage applications came during a week shortened by the Christmas holiday, the Mortgage Bankers Association noted. According to the Mortgage Bankers Association survey applications to refinance existing mortgages loan decreased a seasonally adjusted 15.4% on a week-to-week basis, while applications for loans to buy homes were down 8.5%.

Out of all of the applications for mortgages submitted last week 50.9% were refinances which is down from 53.0% the previous week. Adjustable-rate mortgages decreased to 9.8% of all applications, down from 10.4% the previous weeks application survey.

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