Morgage applications decrease in latest MBA Weekly SurveyMortgagePress.comMBA, mortgage applications, Weekly Mortgage Applications Survey, Market Composite Index, Refinance Index
The Mortgage Bankers Association has 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 percent on a
seasonally-adjusted basis from 489.6 one week earlier. On an
unadjusted basis, the Index decreased 13.7 percent compared with
the previous week and was down 30.3 percent compared with the same
week one year earlier.
The Refinance Index decreased 22.9 percent to 1074.4 from 1392.7
the previous week and the seasonally adjusted Purchase Index
decreased 7.8 percent to 309.5 from 335.6 one week earlier. The
Conventional Purchase Index decreased 7.1 percent while the
Government Purchase Index (largely FHA) decreased 9.5 percent.
The four week moving average for the seasonally adjusted Market
Index is down 2.8 percent to 486.5 from 500.7. The four week moving
average is down 2.4 percent to 342.6 from 351.0 for the Purchase
Index, while this average is down 3.5 percent to 1330.3 from 1379.0
for the Refinance Index.
The refinance share of mortgage activity decreased to 35.2
percent of total applications from 39.4 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to
7.3 percent from 8.5 percent of total applications from the
previous week.
The average contract interest rate for 30-year fixed-rate
mortgages decreased to 6.46 percent from 6.59 percent, with points
increasing to 1.16 from 1.05 (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 5.98 percent from 6.10 percent, with points
increasing to 1.18 from 1.11 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year ARMs increased
to 7.25 percent from 7.16 percent, with points increasing to 0.39
from 0.29 (including the origination fee) for 80 percent LTV
loans.
The survey covers approximately 50 percent 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.
