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U.S. mortgage applications rise last week despite market's problems
Published in Saudi Press Agency on 08 - 08 - 2007


Applications for U.S. home loans rose
last week _ despite the industry's turmoil _ as the cost of
a conventional 30-year fixed rate mortgage dropped, according to AP.
The Mortgage Bankers Association said its weekly mortgage
index, which measures the volume of applications for loans
to buy or refinance homes, rose 8.1 percent on a seasonally
adjusted basis from a week earlier.
In the first increase after two-straight weeks of
declines, the mortgage index rose to 656.5 for the week
ending Aug. 3, and was up 18 percent compared with the same
week last year.
The MBA's mortgage application index, which stood at 100
in March 1990, measures the number of home loan
applications in a given week. It is derived from a survey
of major mortgage lenders representing about half of the
U.S. market and does not include loans originated by
nonbank lenders.
The index has fluctuated this year after sinking to its
lowest level since 2002 last summer. Demand for new and
existing homes has been hurt as lenders tightened borrowing
criteria after defaults started to rise in the market for
mortgages offered to borrowers with spotty credit
histories.
Numerous mortgage companies are facing troubles and many
are demanding higher rates for larger loans that are not
backed by government-sponsored mortgage giants Fannie Mae
and Freddie Mac. On Monday, American Home Mortgage
Investment Corp., a lender that catered to borrowers with
moderate credit troubles, filed for bankruptcy protection.
Freddie Mac reported last week that 30-year, fixed-rate
mortgages averaged 6.68 percent, down from an 11-month high
of 6.74 percent in mid-June. Recent stock market turbulence
has prompted investors to plow money into bonds, driving
down rates on bonds. That, in turn, has pushed down rates
on mortgages.


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