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Daily Real Estate News  |  December 15, 2010  |   Mortgage Activity Falls as Rates Climb
Applications for mortgages to purchase homes declined 5 percent last week compared to the previous week on a seasonally adjusted basis.

On an unadjusted basis, the index declined 8.6 percent compared with the previous week and was down 16.6 percent compared to the same week a year ago.

Mortgage rates rose last week to the highest level in six months discouraging some potential home buyers, says Michael Fratantoni, vice president of research and economics for MBA. But home purchase applications were still about equal to those seen in early May before the tax credits expired.

The rate for 30-year fixed-rate mortgages increased to 4.84 percent from 4.66 percent, while 15-year fixed-rate mortgages increased to 4.21 percent from 3.98 percent.

Source: Mortgage Bankers Association (12/15/2010)

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