RISMEDIA, August 21, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending August 15, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 419.3, a decrease of 1.5% on a seasonally adjusted basis from 425.9 one week earlier. On an unadjusted basis, the Index decreased 2.6% compared with the previous week and was down 34.2% compared with the same week one year earlier.
The Refinance Index decreased 3.7% to 1034.5 from the previous week and the seasonally adjusted Purchase Index decreased 0.4% to 314.0 from one week earlier. The Conventional Purchase Index decreased 0.7% while the Government Purchase Index (largely FHA) increased 0.2%.
The four week moving average for the seasonally adjusted Market Index is down 4.0%. The four week moving average is down 1.7%, while this average is down 7.7% for the Refinance Index.
The refinance share of mortgage activity decreased to 34.8% of total applications from 35.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.0% from 7.3% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.47% from 6.57%, with points decreasing to 1.10 from 1.14 (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 5.99% from 6.17%, with points increasing to 1.18 from 1.06 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs decreased to 7.07% from 7.15%, with points increasing to 0.42 from 0.38 (including the origination fee) for 80% LTV loans.
For more information, visit www.mortgagebankers.org.
Copyright© 2013 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