Real estate mortgages dropped 5.5% in the week ending April 7th, 2006.  This 5.5% is down from the previous week.

ON a seasonally adjusted basis, applications to purchase homes dropped 4.7%, and refinancing applications were down 6.6%

Refinancing applications were a total of 36% of all applications, and were down 6.6% from the previous week.  

Adjustable rate mortgages were up to 28.5% from 28.6%.  Interest rages rose from 6.15% on fixed 15 year mortgages to 16.7% and rose from 6.49% to 6.50% on 30 year fixed rate mortgages.

One year adjustable rates averaged 5.97%, which was up slightly from 5.96%.  

Overall, according to the MBA, mortgages are up 0.9%.

 

Patricia Fuller

Real Estate Press