RISMEDIA, May 7, 2009-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending May 1, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 979.7, an increase of 2.0% on a seasonally adjusted basis from 960.6 one week earlier. On an unadjusted basis, the Index increased 2.4% compared with the previous week and 43.7% compared with the same week one year earlier.
The Refinance Index increased 1.2% to 5,169.3 from 5,108.2 the previous week and the seasonally adjusted Purchase Index increased 5.0% to 264.3 from 251.6 one week earlier. The Conventional Purchase Index increased 5.5% while the Government Purchase Index (largely FHA) increased 4.4%.
The four week moving average for the seasonally adjusted Market Index is down 6.0%. The four week moving average is down 3.1% for the seasonally adjusted Purchase Index, while this average is down 6.7% for the Refinance Index.
The refinance share of mortgage activity decreased to 74.4% of total applications from 75.3% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 2.1% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.79% from 4.62%, with points increasing to 1.17 from 1.14 (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 4.57% from 4.45%, with points increasing to 1.07 from 0.96 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.36% from 6.23% with points remaining unchanged at 0.12 (including the origination fee) for 80 percent LTV loans.
For more information, visit www.mortgagebankers.org.
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