Welcome!




Expand Your Education with These Courses from
A Consumer Advocate Approach to Real Estate & Mortgages: Courses 1 & 2.
Bundle 3: CIPS Institute (US Version).
Bundle 1: CIPS Core Courses (Non-US Version).
Business Creation – Prospecting: Skills for Sales Success: Part Three.
Time Management: Skills for Sales Success: Part Two.

Mortgage Applications Increase In Latest MBA Weekly Survey

Have a comment on this article? Share on Facebook!

RISMEDIA, Dec. 13, 2007-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending December 7, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 811.8, an increase of 2.5% on a seasonally adjusted basis from 791.8 one week earlier. On an unadjusted basis, the Index increased 1.4% compared with the previous week and was up 14.2% compared with the same week one year earlier.

The Refinance Index increased 4.3% to 2879.8 from 2761.3 the previous week and the seasonally adjusted Purchase Index increased 1.7% to 472 from 464.3 one week earlier. On an unadjusted basis, the Purchase Index decreased 2.3% to 364.8 from 373.5 the previous week. The seasonally adjusted Conventional Index increased 2.8% to 1169.9 from 1138.4 the previous week, and the seasonally adjusted Government Index increased 0.4% to 214.9 from 214.0 the previous week.

The four week moving average for the seasonally adjusted Market Index is up 3.7% to 732.9 from 706.8. The four week moving average is up 2.3% to 440.9 from 431.0 for the Purchase Index, while this average is up 6.0% to 2483.5 from 2342.5 for the Refinance Index.

The refinance share of mortgage activity increased to 57.6% of total applications from 56.0% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 9.4 from 11.6% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.07% from 5.82%, with points increasing to 1.17 from 1.07 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.72% from 5.38%, with points decreasing to 1.01 from 1.12 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs increased to 6.31% from 6.28%, with points decreasing to 0.97 from 0.99 (including the origination fee) for 80% LTV loans.

The survey covers approximately 50% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

For more information, visit www.mortgagebankers.org.

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.




Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com