Mortgage applications decrease slightly In latest MBA Weekly SurveyMortgagePress.comMortgage Bankers Association, MBA, 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. 8, 2008. The
Market Composite Index, a measure of mortgage loan application
volume, was 425.9, a decrease of 1.5 percent on a seasonally
adjusted basis from 432.6 one week earlier. On an unadjusted basis,
the Index decreased 2.2 percent compared with the previous week and
was down 36.9 percent compared with the same week one year
earlier.
The Refinance Index decreased 4.2 percent to 1074.6 from
previous week and the seasonally adjusted Purchase Index remained
unchanged. The Conventional Purchase Index decreased 1.2 percent
while the Government Purchase Index (largely FHA) increased 2.9
percent.
The four week moving average for the seasonally adjusted Market
Index is down 5.2 percent. The four week moving average Purchase
Index is down 3.4 percent, while this average is down 7.9 percent
for the Refinance Index.
The refinance share of mortgage activity decreased to 35.2
percent of total applications from 35.9 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to
7.3 from 6.9 percent of total applications from the previous
week.
The average contract interest rate for 30-year fixed-rate
mortgages increased to 6.57 percent from 6.41 percent, with points
increasing to 1.14 from 1.13 (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 6.17 percent from 6.02 percent, with points
increasing to 1.06 from 1.02 (including the origination fee) for 80
percent LTV loans. The average contract interest rate for one-year
ARMs decreased to 7.15 percent from 7.17 percent, with points
increasing to 0.38 from 0.36 (including the origination fee) for 80
percent LTV loans.
For more information, visit www.mortgagebankers.org>.
