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Demand for New Loans Up 16.4% as Rates Hold Below 5.00%
Mortgage rates held below 5.00 percent for the third consecutive week helping refinance and purchase loan demand increase, according to a weekly report released by the Mortgage Bankers Association (MBA) this morning.rnrnThe MBA said, in the week ending October 2, 2009, the average mortgage rate for 30-year fixed-rate loan fell 5 basis points to 4.89 percent from 4.94 percent. That in combination with the soon to expire $8,000 tax credit for first time home buyers helped mortgage application volume increase by 16.4 percent in the week.
Equities Mixed Ahead of Q3 Earnings
Equity markets look poised to extend the two-day rally this morning. The day ahead is light on data, with only the consumer credit report at 3pm, but Q3 earnings reports also kick off after the bell beginning with Alcoa.
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