Mortgage news

News, trends and analysis of the mortgage and credit market

Wednesday, February 20, 2008

Mortgage interest rates increase sharply

As most interest rates moved higher, mortgage application volume tumbled 22.6% during the week ending Feb. 15, according to the Mortgage Bankers Association's weekly application survey. Refinance volume dropped 27.9% during the week, while purchase volume fell 11.55%. Refinance applications accounted for 61.7% of total applications. The average interest rate for traditional, 30-year fixed-rate mortgages increased to 6.09% from 5.72%. The average interest rate for 15-year fixed-rate mortgages, a popular option for refinancing a home, increased to 5.55% from 5.18%.

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