Mortgage application increase in latest MBA Weekly SurveyMortgagePress.comMBA Weekly Survey, mortgage applications, Market Composite Index, Refinance Index
The Mortgage Bankers Association has released its Weekly
Mortgage Applications Survey for the week ending July 11, 2008. The
Market Composite Index, a measure of mortgage loan application
volume, was 522.2, an increase of 1.7 percent on a
seasonally-adjusted basis from 513.4 one week earlier. On an
unadjusted basis, the Index increased 27.0 percent compared with
the previous Independence Day holiday shortened week and was down
17.4 percent compared with the same week one year earlier.
The Refinance Index increased 6.9 percent to 1474.9 from 1379.3
the previous week and the seasonally adjusted Purchase Index
decreased 1.7 percent to 359.7 from 365.8 one week earlier. The
Conventional Purchase Index increased 1.4 percent while the
Government Purchase Index (largely FHA) decreased 8.2 percent.
The four week moving average for the seasonally adjusted Market
Index is up 0.7 percent to 493.7 from 490.2. The four week moving
average for the Purchase Index edged up to 350.5 from 350.4, while
this average is up 1.8 percent to 1333.9 from 1309.8 for the
Refinance Index.
The refinance share of mortgage activity increased to 39.2
percent of total applications from 37.3 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to
9.1 from 10.0 percent of total applications from the previous
week.
The average contract interest rate for 30-year fixed-rate
mortgages decreased to 6.22 percent from 6.43 percent, with points
increasing to 1.21 from 1.06 (including the origination fee) for 80
percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate
mortgages decreased to 5.74 percent from 5.94 percent, with points
increasing to 1.13 from 1.10 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year ARMs decreased
to 7.16 percent from 7.24 percent, with points increasing to 0.36
from 0.26 (including the origination fee) for 80 percent LTV
loans.
For more information, visit www.mortgagebankers.org.
