Mortgage Applications Decrease in Latest MBA Weekly Survey

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RISMEDIA, August 1, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 420.8, a decrease of 14.1% on a seasonally adjusted basis from 489.6 one week earlier. On an unadjusted basis, the Index decreased 13.7% compared with the previous week and was down 30.3% compared with the same week one year earlier.

The Refinance Index decreased 22.9% to 1074.4 from 1392.7 the previous week and the seasonally adjusted Purchase Index decreased 7.8% to 309.5 from 335.6 one week earlier. The Conventional Purchase Index decreased 7.1% while the Government Purchase Index (largely FHA) decreased 9.5%.

The four week moving average for the seasonally adjusted Market Index is down 2.8% to 486.5 from 500.7. The four week moving average is down 2.4% to 342.6 from 351.0 for the Purchase Index, while this average is down 3.5% to 1330.3 from 1379.0 for the Refinance Index.

The refinance share of mortgage activity decreased to 35.2% of total applications from 39.4% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.3% from 8.5% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.46% from 6.59%, with points increasing to 1.16 from 1.05 (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 5.98% from 6.10%, with points increasing to 1.18 from 1.11 (including the origination fee) for 80% LTV loans.

The average contract interest rate for one-year ARMs increased to 7.25% from 7.16%, with points increasing to 0.39 from 0.29 (including the origination fee) for 80% LTV loans.

The survey covers approximately 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.

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