“The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 3.6% in the group’s seasonally adjusted composite index. That followed a rise of 1.9% for the previous week. The prior week’s report was adjusted to account for the July Fourth holiday. Mortgage loan rates increased on three types of loans and decreased on two other types.
The seasonally adjusted purchase index decreased 8% from the prior week’s report. On an unadjusted basis, the composite index increased by 20% week-over-week. The unadjusted purchase index increased by 16% for the week and remains 17% lower year-over-year.”
Read more: Interest Rates Fall Sharply on Adjustable Rate Mortgages – 24/7 Wall St. http://247wallst.com/housing/2014/07/16/interest-rates-fall-sharply-on-adjustable-rate-mortgages/#ixzz38mRTK6xe
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