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WASHINGTON, DC-The Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America found in the week ending June 29, refinancing continued to rise and to make up the majority of mortgage loan applications. Refinancing represented 44.1%, up from 43.7% the week before. Overall applications were up .8%.

Experts have told GlobeSt.com over the last few months that refinancing is often an attractive option when the market is in a downturn and sellers are unable to find the asking prices they seek. With that in mind, perhaps it is no surprise that refinancing is up in this down cycle, which is lasting longer than many had originally predicted.

On a seasonally adjusted basis, the market composite index of mortgage loan applications overall for the week ending June 29 increased to 486.3 from 482.5 the previous week. On an unadjusted basis, it went up .6%. Compared to the same week in 2000, it was actually up 48.4%.

The seasonally adjusted Purchase Index increased from 307.9 to 308.3 and the seasonally adjusted Refinance Index went up to 1521.6 from 1497.8. The Conventional Index increased to 628.7 from 627.7 and the Government Index increased to 248.5 from 240.2.

ARM activity decreased to 10.5% from 10.8%. The average contract interest rate for 30-year foxed-rate mortgages increased from 7.01% to 7.27% with points decreasing from 1.31 to 1.23 for 80% loan-to-value ratio loans. The average contract interest rate for one-year ARMs increased from 5.59% to 5.81% with points decreasing to 1.11 from 1.18 for 80% LTV loans. (Both contract rates above include the origination fee.)

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