Mortgage applications slightly increase 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 Aug. 1, 2008. The
Market Composite Index, a measure of mortgage loan application
volume, was 432.6, an increase of 2.8 percent on a seasonally
adjusted basis from 420.8 one week earlier. On an unadjusted basis,
the Index increased 2.4 percent compared with the previous week and
was down 33.7 percent compared with the same week one year
earlier.
The Refinance Index increased 4.4 percent to 1121.8 from 1074.4
the previous week and the seasonally adjusted Purchase Index
increased 1.8 percent to 315.2 from 309.5 one week earlier. The
Conventional Purchase Index decreased 0.3 percent while the
Government Purchase Index (largely FHA) increased 7.2 percent.
The four week moving average for the seasonally adjusted Market
Index is down 4.2 percent to 466.3 from 486.5. The four week moving
average is down 3.7 percent to 330.0 from 342.6 for the Purchase
Index, while this average is down 4.8 percent to 1266.0 from 1330.3
for the Refinance Index.
The refinance share of mortgage activity increased to 35.9
percent of total applications from 35.2 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to
6.9 from 7.3 percent of total applications from the previous
week.
The average contract interest rate for 30-year fixed-rate
mortgages decreased to 6.41 percent from 6.46 percent, with points
decreasing to 1.13 from 1.16 (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 6.02 percent from 5.98 percent, with points
decreasing to 1.02 from 1.18 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year ARMs decreased
to 7.17 percent from 7.25 percent, with points decreasing to 0.36
from 0.39 (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 informaiton, visit www.mortgagebankers.org.
