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Both Freddie Mac and the Mortgage Banker's Association's weekly mortgage surveys reported that interest rates did it again, declining for the fourth straight week, although they did not concur on the numbers.
Freddie Mac's Weekly Mortgage Market Survey for the week ended January 27 reported 30 year and 15 year fixed rates were each down 0.01 from the previous week to 5.66 percent and 5.14 percent respectively. 5/1 ARMS dropped a little more, from 5.05 percent to 5.03 percent. Only the one-year ARM was up, from 4.11 percent to 4.18. Fees and points were 0.6 across the board, down 0.1 for the15-year and one-year ARM, steady for the other two categories.
The Freddie Mac survey results are little changed from this time last year. The rates for the week ended January 29, 2004 were 5.68 percent for the 30-year, 4.97 percent for the 15-year and a substantially lower 3.59 percent for the one-year. Freddie Mac did not begin tracking the 5/1 ARM until the beginning of 2005.
The Mortgage Banker's Association's weekly survey which ended on January 21 showed a similar pattern if slightly different numbers: 30 year fixed at 5.58 percent, down from 5.64; 15 year at 5.03 from 5.14 percent, and the one-year ARM up to 4.21 percent from 4.13. MBA does not report on any of the hybrid mortgages such as the 5/1 ARM.
MBA also reported a relatively sharp decrease in mortgage applications for the week, down 10.7 percent from the previous week and 26.2 percent from the same week a year earlier. Both figures were reported on a seasonally unadjusted basis. The refinance share of mortgage activity was also down to 46.5 percent from 48.9 the previous week.
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