Welcome!




Expand Your Education with These Courses from
Accredited Buyer’s Representative.
The Psychology of Consultative Selling: Skills for Sales Success: Part Four.
Becoming a Successful Sales Professional: Skills for Sales Success: Part One.
Bundle 2: CIPS Elective Courses (Non-US Version).
Bundle 1: CIPS Core Course (US Version).

Mortgage Applications Decrease in Latest MBA Weekly Survey

Have a comment on this article? Share on Facebook!

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.

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