Skip to main content

Lenders One data shows shifts in loan products

Dec 16, 2008

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.
About the author
Published
Dec 16, 2008
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024