Interest Rates Virtually Unchanged In Latest MBA Survey

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Refinancing activity remains strong
RISMEDIA, April 16-The Market Composite Index of mortgage loan applications (a measure of mortgage loan applications for purchases and refinancings) for the week ending April 11 decreased to 1134.6 on a seasonally-adjusted basis from 1246.1 one week earlier, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA).

The MBA seasonally adjusted Purchase Index decreased to 376.1 from 400.8 the previous week. The seasonally adjusted Refinance Index decreased to 5546.7 from 6162.8 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1649.6 from 1807.5 the previous week. The Government Index decreased to 274.9 from 309.2 the previous week.

Refinancing activity represented 69.4% of total applications, decreasing from 70.3 percent the previous week.

The average contract interest rate for 30-year fixed rate mortgages decreased to 5.70 from 5.80% one week earlier, with points increasing to 1.43 from 1.38 the previous week (including the origination fee) for 80% loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed rate mortgages decreased to 5.02% from 5.04% one week earlier, with points decreasing to 1.52 from 1.62 the previous week (including the origination fee) for 80% LTV ratio loans.

The average contract interest rate for 1-year ARMs decreased slightly to 3.48 from 3.49% one week earlier, with points decreasing to 0.98 from 1.00 the previous week (including the origination fee) for 80% LTV loans.

For more information, visit www.mbaa.org

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