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Mortgage Applications Increase In Latest MBA Weekly Survey

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RISMEDIA, July 3, 2008-This week, the Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 27, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 477.7, an increase of 3.6% on a seasonally adjusted basis from 461.3 one week earlier. On an unadjusted basis, the Index increased 3.2% compared with the previous week and was down 22.8% compared with the same week one year earlier.

The Refinance Index increased 4.7% to 1269.2 from 1212.2 the previous week and the seasonally adjusted Purchase Index increased 2.8% to 342.8 from 333.4 one week earlier. The Conventional Purchase Index increased 2.6% while the Government Purchase Index (largely FHA) increased 3.4%.

The four week moving average for the seasonally adjusted Market Index is down 1.2% to 501.1 from 507.3. The four week moving average is up 0.7% to 353.2 from 350.8 for the Purchase Index, while this average is down 4% to 1370.5 from 1427.2 for the Refinance Index.

The refinance share of mortgage activity increased to 36.8% of total applications from 36.3% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged from last week at 8.5% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.33% from 6.39%, with points decreasing to 1.09 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 decreased to 5.9% from 5.95%, with points decreasing to 1.02 from 1.16 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs increased to 7.14% from 7.09%, with points decreasing to 0.31 from 1.59 (including the origination fee) for 80% LTV loans.

For more information, visit www.mortgagebankers.org.

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Categories: Finance and Economy