Mortgage applications decrease from Thanksgiving week in latest MBA Weekly SurveyMortgagePress.comMortgage Bankers Association, MBA, Weekly Mortgage Applications Survey, Market Composite Index, Refinance Index
The Mortgage Bankers Association (MBA) has released its Weekly
Mortgage Applications Survey for the week ending Dec. 5, 2008. The
Market Composite Index, a measure of mortgage loan application
volume, was 796.8, a decrease of 7.1 percent on a seasonally
adjusted basis from 857.7 one week earlier. On an unadjusted basis,
the Index increased 32.7 percent compared with the previous week
and was up 2.2 percent compared with the same week one year
earlier. Most categories of the survey declined from the previous
week's results, which were adjusted to account for the shortened
week due to the Thanksgiving holiday.
The Refinance Index decreased 0.9 percent to 3767.3 the previous
week and the seasonally adjusted Purchase Index decreased 17.4
percent to 298.1 from one week earlier. The Conventional Purchase
Index decreased 15.5 percent while the Government Purchase Index
(largely FHA) decreased 21.3 percent.
The four week moving average for the seasonally adjusted Market
Index is up 17.8 percent. The four week moving average is up 1.2
percent for the seasonally adjusted Purchase Index, while this
average is up 33.2 percent for the Refinance Index.
The refinance share of mortgage activity increased to 73.7
percent of total applications from 69.1 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to
1.1 percent from 1.4 percent of total applications from the
previous week.
The average contract interest rate for 30-year fixed-rate
mortgages decreased to 5.45 percent from 5.47 percent, with points
increasing to 1.23 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 decreased to 5.09 percent from 5.13 percent, with points
decreasing to 1.26 from 1.28 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year ARMs increased
to 6.76 percent from 6.61 percent, with points decreasing to 0.26
from 0.52 (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.
