Mortgage applications increase, driven by refinances in latest MBA Weekly SurveyMortgagePress.comMortgage Bankers Association, Weekly Mortgage Applications Survey, Market Composite Index, Refinance Index, FHA
The Mortgage Bankers Association (MBA) has released its Weekly
Mortgage Applications Survey for the week ending Dec. 12, 2008. The
Market Composite Index, a measure of mortgage loan application
volume, was 841.4, an increase of 2.9 percent on a seasonally
adjusted basis from 817.7 one week earlier, which was revised from
796.8. On an unadjusted basis, the Index increased 2.9 percent
compared with the previous week and was up 37.3 percent compared
with the same week one year earlier.
The Refinance Index increased 6.5 percent to 4156.0 from the
previous week and the seasonally adjusted Purchase Index decreased
4.5 percent to 286.1 from one week earlier. The Conventional
Purchase Index decreased 6.7 percent while the Government Purchase
Index (largely FHA) was virtually unchanged.
The four week moving average for the seasonally adjusted Market
Index is up 17.9 percent. The four week moving average is up 3.2
percent for the seasonally adjusted Purchase Index, while this
average is up 28.1 percent for the Refinance Index.
The refinance share of mortgage activity increased to 76.9
percent of total applications from 74.3 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity remained
unchanged at 1.1 percent of total applications from the previous
week.
The average contract interest rate for 30-year fixed-rate
mortgages decreased to 5.18 percent from 5.44 percent, with points
decreasing to 1.13 from 1.24 (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 4.93 percent from 5.08 percent, with points
increasing to 1.34 from 1.26 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year ARMs decreased
to 6.63 percent from 6.76 percent, with points increasing to 0.3
from 0.26 (including the origination fee) for 80 percent LTV
loans.
For more information, visit www.mortgagebankers.org.
