RISMEDIA, June 25, 2009-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending June 19, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 548.2, an increase of 6.6% on a seasonally adjusted basis from 514.4 one week earlier. On an unadjusted basis, the Index increased 6.0% compared with the previous week and increased 17.2% compared with the same week one year earlier.
The Refinance Index increased 5.9% to 2116.3 from 1998.1 the previous week and the seasonally adjusted Purchase Index increased 7.3% to 280.3 from 261.2 one week earlier.
The four week moving average for the seasonally adjusted Market Index is down 9.3%. The four week moving average is up 2.2% for the seasonally adjusted Purchase Index, while this average is down 15.5% for the Refinance Index.
The refinance share of mortgage activity decreased to 54.0% of total applications from 54.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.1% from 4.3% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.44% from 5.50%, with points increasing to 0.99 from 0.89 (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 4.93% from 4.99%, with points decreasing to 0.92 from 0.99 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs remained unchanged at 6.54%, with points increasing to 0.11 from 0.09 (including the origination fee) for 80% LTV loans.
The survey covers over 50% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.
For more information, visit www.mortgagebankers.org.