RISMEDIA, June 19, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 13, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 508.4, a decrease of 8.7% on a seasonally adjusted basis from 557.1 one week earlier. On an unadjusted basis, the Index decreased 9.6% compared with the previous week and was down 21.3% compared with the same week one year earlier.
The Refinance Index decreased 15% to 1378.6 from 1622.1 the previous week and the seasonally adjusted Purchase Index decreased 4.3% to 360.2 from 376.2 one week earlier. The Conventional Purchase Index decreased 7.2% while the Government Purchase Index (largely FHA) increased 4%.
The four week moving average for the seasonally adjusted Market Index is down 5% to 540.3 from 568.6. The four week moving average is up 0.5% to 355.7 from 353.8 for the Purchase Index, while this average is down 11.3% to 1627.6 from 1835.6 for the Refinance Index.
The refinance share of mortgage activity decreased to 37.4% of total applications from 39.8% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 9.7% from 10.3% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.57% from 6.24%, with points decreasing to 1.1 from 1.12 (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 6.14% from 5.78%, with points decreasing to 1.1 from 1.12 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs increased to 7.22% from 6.87%, with points increasing to 1.56 from 1.42 (including the origination fee) for 80% LTV loans.
For additional information, visit www.mortgagebankers.org.
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