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Tax Reform & Mortgage Interest Deduction Talking Points

In light of the recently released report from the President's Advisory Panel on Federal Tax Reform, the National Association of REALTORS® has assembled the following "Talking Points" for you to consider and use with consumers wondering about the issue from your real estate prospective.

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Mortgage Rates Increase,
Activity Declines

In a report from the Mortgage Bankers Association (MBA) in Washington DC, the seasonally adjusted Purchase Index decreased by 6.2 percent from the previous week. The information is part of the Mortgage Application Survey for the week ending October 28th.

"The seasonally adjusted purchase index is down 7.6 percent since last month. This decline is consistent with our expectations of a softening from the record level of new home sales during the first three quarters of 2005," said Doug Duncan, Chief Economist for the Mortgage Bankers Association.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.21 percent from 6.06 percent one week earlier. The average contract interest rate for a 15-year fixed-rate mortgage increased to 5.75 percent from 5.57 percent.

Refinancing activity increased as a share of total applications to 43.6 percent from 42.5 percent the week before.

The survey covers approximately 50 percent of all U.S. retail residential mortgage originations.

The Ten Warning Signs of Predatory Lending

The questions below are a good way for you to know if someone could be misleading you about a loan and its costs to you. Just because you answer "yes" to these questions does not mean you are or have been a victim of predatory lending. But, if you answer "yes" to some of the questions, we recommend you contact your broker who may contact the appropriate state agency (MN Dept. of Commerce). You may also utilize the following Mortgage Bankers Association web site at: http://www.stopmortgagefraud.com/report.htm for more information and guidance.

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Mortgage Banking Profits Fall 48 percent

Mortgage banking production profits fell to $657 per loan in 2004 from $1,272 per loan in 2003 according to the Mortgage Bankers Association's (MBA) annual cost study. As volume declined in 2004, per-loan operational costs increased and were only partially offset by increases in secondary marketing income, including servicing values.

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