August 13, 2008
Weekly Mortgage Volume Decreases
By Matthew L. Brown
The Mortgage Bankers Association's market composite index hit 425.9, a decrease of 1.5 percent, during the week ending Aug. 8.
The index, a measure of mortgage loan application volume, registered 432.6 one week earlier. The index was down 36.9 percent compared with the same week one year earlier.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.57 percent from 6.41 percent the previous week. The average contract interest rate for 15-year fixed-rate mortgages increased to 6.17 percent from 6.02 percent a week earlier, the MBA said.
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