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Low Mortgage Rates See a Surge in Mortgage Applications

According to the weekly index of Mortgage Bankers Association, the number of applications seeking Mortgage Loans rises to 1,324.8 this week,which is an increase of 15.8 percent from 1,143.8 of the previous week. The reason cited for the surge is the significant fall in mortgage rates as well as the phenomena of people coming back to business after a week long end-of-the-year holiday celebrations. The trend shows a continous decline in the rate of interest over a period of the last few weeks. At present, the rate for 30-year fixed rate mortgages is 4.89% while the same for 15-year fixed rate mortgages is 4.63%. Similarly, the rate for 1 year ARMs is decreased from 5.90% to 5.89%.

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