RISMEDIA, June 12, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 6. The Market Composite Index, a measure of mortgage loan application volume, was 557.1, an increase of 10.9% on a seasonally adjusted basis from 502.3 one week earlier. On an unadjusted basis, the Index increased 23% compared with the previous week and was down 16.5% compared with the same week one year earlier.
The Refinance Index increased 8.4% to 1622.1 from 1496.1 the previous week and the seasonally adjusted Purchase Index increased 12.8% to 376.2 from 333.6 one week earlier. The Conventional Purchase Index increased 11% while the Government Purchase Index (largely FHA) increased 17%.
The four week moving average for the seasonally adjusted Market Index is down 2.8% to 568.6 from 597.9. The four week moving average is up 1.7% to 353.8 from 354.3 for the Purchase Index, while this average is down 8% to 1835.6 from 2035.6 for the Refinance Index.
The refinance share of mortgage activity decreased to 39.8% of total applications from 40.6% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 10.3 from 8.7% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.24% from 6.17%, with points increasing to 1.12 from 1.06 (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 5.78% from 5.7%, with points increasing to 1.12 from 1.06 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs increased to 6.87% from 6.8%, with points decreasing to 1.42 from 1.44 (including the origination fee) for 80% LTV loans.
For more information, visit www.mortgagebankers.org.
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