Mortgage Rates Rise as Interest Rates Recover
12/14/2006

In New York City, mortgage applications are on the rise, as interest rates recovered just slightly from last weeks 14-month low, according to an industry trade group report on Wednesday.

The Mortgage Bankers Association said it’s seasonally adjusted index of mortgage application activity for the week ended December 8, 2006 rose from 647.6 a week ago to 721.2 at 11.4 percent.

The 30-year fixed-rate mortgage rose from 5.98 percent last week to 6.02 percent this week.

The refinance mortgage activity increased to 52.6 percent of total applications from the week prior which was at 50.1 percent.

The group’s 15-year fixed mortgage rates dipped from 5.75 percent to 5.66 percent. The adjustable-rate mortgages also declined from 5.79 percent to 5.76 percent. The seasonally-adjusted refinance index rose from 1989.7 the previous week to 2304.4 at 15.8 percent this week, and the purchase index increased from 426.6 last week to 463.8 this week at 8.7 percent.

The adjustable rate mortgage share of activity increased from 23.9 percent the previous week to 24.9 percent of total applications this week.

The Mortgage Bankers Association covers close to 50 percent of all US retail residential mortgage loans, acknowledging mortgage bankers, thrifts and commercial banks.

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