Wednesday, February 08, 2006

Mortgage rates: Highest since Dec. 9th

Mortgage applications fell, led by a decline in home purchase loans, as interest rates hit their highest levels since early December.

The MBA's seasonally adjusted purchase mortgage index fell 2.4 percent to 425.1 from the previous week's 435.7. The index is considered a timely gauge on U.S. home sales.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.25 percent, up 0.05 percentage point from the previous week's 6.20 percent. Rates were at their highest levels since the week ended December 9, when they reached 6.28 percent.

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