Wednesday, January 10, 2007

Mortgage Applications Soared Last Week As Interest Rates Fell

U.S. mortgage applications skyrocketed during the first week of 2007 as interest rates fell for the first time in five weeks, lending support to the view that the housing market is stabilizing, an industry trade group said.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity jumped 16.6 to 671.1 for the week ended Jan. 5.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.13%, down 0.09 percentage point from the previous week. Interest rates were above year-ago levels of6.08%.

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