Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending August 21, 2009. The report showed an increase in borrowers applying for home mortgages of about 1 percent from the week before for borrowers buying homes and an increase of almost 13 percent from the week before for borrowers refinancing their existing home mortgage.
Interest rates inched up a little last week according to the survey.
The average interest rate for 30 year fixed rate mortgages increased to 5.24 percent from 5.15 percent with loan fees increasing to 1.07 percent from 0.98 percent on loans for 80 percent of the value of the home.
The average interest rate for a 15-year fixed-rate mortgage increased to 4.58 percent from 4.52 percent with loan fees increasing to 1.18 percent from 0.93 percent on loans for 80 percent of the value of the home.
The average interest rate for one-year ARMS increased to 6.74 percent from 6.66 percent, with loan fees increasing to 0.17 percent from 0.07 percent on loans for 80 percent of the value of the home.
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