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Mortgage Rate Update Ending 7/7/2010

Bankrate.com  conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s the outcome for 7/7/2010:

• 30 Year Fixed Rate: 4.74 percent
• 30 Year Fixed Rate Jumbo: 5.48 percent
• 15 Year Fixed Rate: 4.22 percent
• 5/1 ARM (Adjustable): 4.06 percent
• 1 Year ARM (Adjustable): 4.79 percent 

According to the Mortgage Bankers Association:

• Mortgage applications rose 6.7 percent when compared to a week earlier
• Refinance applications shot up 9 percent and are at 13-month highs
• Applications for new purchase dipped 2 percent

According to the National Association of Realtors:

• Pending home sales fell 30 percent in May when compared to a month earlier
• Sales were also down 15.9 percent year over year.

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