Mortgage applications changed little in latest MBA Weekly SurveyMortgagePress.comMBA, mortgage applications, Weekly Mortgage Applications Survey, Market Composite Index, Refinance Index, Purchase Index, FHA
The Mortgage Bankers Association (MBA) has released its Weekly
Mortgage Applications Survey for the week ending Dec. 26, 2008. The
Market Composite Index, a measure of mortgage loan application
volume, was 1245.7, essentially unchanged, on a seasonally adjusted
basis from 1245.4 one week earlier. This week's results included an
adjustment to account for the shortened week due to the Christmas
holiday. On an unadjusted basis, the Index decreased 40.0 percent
compared with the previous week and was up 155.0 percent compared
with the same week one year earlier.
The Refinance Index decreased 0.4 percent to 6733.8 the previous
week and the seasonally adjusted Purchase Index increased 1.4
percent to 320.9 from one week earlier. The seasonally adjusted
Conventional Purchase Index increased 1.1 percent while the
Government Purchase Index (largely FHA) increased 2.2 percent.
The four week moving average for the seasonally adjusted Market
Index is up 10.3 percent. The four week moving average is down 3.2
percent for the seasonally adjusted Purchase Index, while this
average is up 15.7 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 82.9
percent of total applications from 83.2 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity remained
unchanged at 0.8 percent of total applications from the previous
week.
The average contract interest rate for 30-year fixed-rate
mortgages decreased to 5.03 percent from 5.04 percent, with points
increasing to 1.24 from 1.17 (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 4.79 percent from 4.91 percent, with points
increasing to 1.26 from 1.03 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year ARMs decreased
to 6.15 percent from 6.36 percent, with points increasing to 0.44
from 0.28 (including the origination fee) for 80 percent LTV
loans.
For more information, visit www.mortgagebankers.org.
