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Real Estate Mortgage Applications Decrease in Latest MBA Survey

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RISMEDIA, Feb. 15, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 8, 2008. The Market Composite Index, a measure of real estate mortgage loan application volume, was 1063.5, a decrease of 2.1% on a seasonally adjusted basis from 1086.6 one week earlier. On an unadjusted basis, the Index decreased 0.4% compared with the previous week and was up 65% compared with the same week one year earlier.

The Refinance Index decreased 3.0% to 4901.5 from 5054.0 the previous week and the seasonally adjusted Purchase Index decreased 0.3% to 403.9 from 405.3 one week earlier. The Conventional Purchase Index increased 0.3% while the Government Purchase Index (largely FHA) decreased 3.5%. On an unadjusted basis, the Purchase Index increased 5.4% to 407.4 from 386.5 the previous week.

The seasonally adjusted Conventional Index decreased 1.9% to 1522.6 from 1552.6 the previous week, and the seasonally adjusted Government Index decreased 3.7% to 297.9 from 309.5 the previous week.

The four week moving average for the seasonally adjusted Market Index is up 3.9% to 1046.6 from 1007.4. The four week moving average is down 3.4% to 402.8 from 417.1 for the Purchase Index, while this average is up 7.4% to 4809.3 from 4477.8 for the Refinance Index.

The refinance share of mortgage activity decreased to 67.4% of total applications from 69.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.9 from 8.8% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72% from 5.61%, with points increasing to 1.15 from 0.98 (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 5.18% from 5.09%, with points increasing to 1.08 from 0.92 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs increased to 5.72% from 5.62%, with points decreasing to 0.90 from 0.97 (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.

For more information, visit www.mortgagebankers.org.

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