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Mortgage Applications Increase in Latest MBA Weekly Survey

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RISMEDIA, April 9, 2009-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending April 3, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 1,250.6, an increase of 4.7% on a seasonally adjusted basis from 1,194.4 one week earlier. On an unadjusted basis, the Index increased 4.9% compared with the previous week and 67.6% compared with the same week one year earlier.

The Refinance Index increased 3.2% to 6,813.5 from 6,600.1 the previous week and the seasonally adjusted Purchase Index increased 11.1% to 297.7 from 268.0 one week earlier. The Conventional Purchase Index increased 7.7% while the Government Purchase Index (largely FHA) increased 17.1%.

The four week moving average for the seasonally adjusted Market Index is up 13.3%. The four week moving average is up 4.2% for the seasonally adjusted Purchase Index, while this average is up 16.0% for the Refinance Index.

The refinance share of mortgage activity decreased to 77.9% of total applications from 79.1% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 1.5% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.73% from 4.61%, with points remaining unchanged at 1.03 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.49% from 4.45%, with points decreasing to 0.93 from 1.04 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 6.23% from 6.20%, with points remaining unchanged at 0.14 (including the origination fee) for 80 percent LTV loans.

For more information, visit www.mortgagebankers.org.

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