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.
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