Mortgage Applications are Up While Mortgage Rates are Down

The Mortgage Bankers Association’s latest weekly survey, ending May 6, 2011, showed that mortgage applications increased by 8.2% from the prior week. Refinances “accounted for 63.1% of all mortgage applications last week up from 62.7% the previous week and at the highest level in more than a month.” Meanwhile, 30-year fixed mortgage rates decreased to 4.67% from 4.76% and 15-year fixed mortgage rates decreased to 3.81% from 3.96% from the prior week.

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