Mortgage applications decrease in latest MBA Weekly SurveyMortgagePress.comMortgage application, MBA Weekly Survey, housing statistics, MBA, Market Composite Index
The Mortgage Bankers Association has released its Weekly
Mortgage Applications Survey for the week ending April 18, 2008.
The Market Composite Index, a measure of mortgage loan application
volume, was 637.6, a decrease of 14.2 percent on a
seasonally-adjusted basis from 743.4 one week earlier. On an
unadjusted basis, the Index decreased 13.4 percent compared with
the previous week and was down 3.2 percent compared with the same
week one year earlier.
The Refinance Index decreased 20.2 percent to 2286.3 from 2866.0
the previous week and the seasonally-adjusted Purchase Index
decreased 6.4 percent to 357.3 from 381.6 one week earlier. The
Conventional Purchase Index decreased 7.5 percent while the
Government Purchase Index (largely FHA) decreased 2.7 percent.
The four week moving average for the seasonally adjusted Market
Index is down 10.5 percent to 698.7 from 780.8. The four week
moving average is down three percent to 369.9 from 381.5 for the
Purchase Index, while this average is down 15.8 percent to 2628.2
from 3120.5 for the Refinance Index.
The refinance share of mortgage activity decreased to 49.2
percent of total applications from 53.5 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to
6.6 from 6.0 percent of total applications from the previous
week.
The average contract interest rate for 30-year fixed-rate
mortgages increased to 6.04 percent from 5.74 percent, with points
decreasing to 1.040 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 increased to 5.6 percent from 5.27 percent, with points
decreasing to 1.06 from 1.19 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year ARMs decreased
to 6.93 percent from 7.02 percent, with points increasing to 1.38
from 1.28 (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.
