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Mortgage Rate Update Ending 8/4/2010

Bankrate.com  conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s the outcome for 8/4/2010:

• 30 Year Fixed Rate: 4.66 percent
• 30 Year Fixed Rate Jumbo: 5.34 percent
• 15 Year Fixed Rate: 4.11 percent
• 5/1 ARM (Adjustable): 3.95 percent
• 1 Year ARM (Adjustable): 4.80 percent 

According to the Mortgage Bankers Association:

• Mortgage applications rose 1.3 percent when compared to a week earlier
• Refinance applications shot up 1.3 percent when compared to a week earlier
• Applications for new purchases increased 1.5 percent

According to the National Association of Realtors:

• Pending home sales fell 2.6 percent in June when compared to a month earlier
• Sales were also down 18.6 percent year over year.

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