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There is no question that fixed rate mortgages were up for the week ended March 10, but once again two major sources did not agree on the direction of the 1-year ARM.
Freddie Mac reported the 30 year at 5.85 percent, up from 5.79 percent for the week ended March 3. 15-year rates rose from 5.33 to 5.38 percent and the 5-year ARM was up .05 percent to 5.22. The 1-year ARM had the most dramatic movement, a full .10 to 4.24 percent.
Fees and points for the 30-year, 5- and 1 year ARMS were each down .1 to 0.6, 0.6, and 0.7 respectively. The 15-year was unchanged at 0.6.
The Mortgage Bankers' Association's weekly survey was closely in sync with Freddie Mac except for the 1 year ARM which MBA data showed decreasing sharply from 4.43 percent the previous week to 4.19 percent. The ARM index jumped a full 10 percent to its highest level since December, so the lower contract rates probably reflect the much-discussed discounts from the indices offered to borrowers as an inducement to choose ARM products.
MBA's figures for the 30-year and 15 year were 5.91 percent (from 5.69) and 5.47 percent (from 5.25) in the week ending March 4.
Mortgage applications increased 3.2 percent on an unadjusted basis from the previous week but were down a rather stunning 33.4 percent from the pace one year earlier. Refinancing remained fairly steady at 42.9 percent of total mortgage activity (up from 42.6). ARMs represented 32.4 percent of all mortgages, an increase of 1.9 percent from the previous week.
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