Mortgage applications down

November 21 2007 CNBC.com The volume of applications filed for mortgages fell 3.6% last week, the Mortgage Bankers Association reported Wednesday. Also on a seasonally adjusted basis, applications to refinance existing mortgages decreased 5.0% on a week-to-week basis in the week ended Nov. 16 , while new home purchase applications dropped 2.0%, according to MBA's weekly survey. On an unadjusted basis, overall applications were up 9.8% compared with the same week in 2006. The four-week moving average for all applications showed improvement, up a seasonally adjusted 0.9%. Refinancing filings accounted for 50.3% of all applications last week, up slightly from 50.2% the previous week. Adjustable-rate mortgages made up 15.8% of all filings, up from 15.5%.

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