The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending July 3, 2009, which was a shortened week due to the Independence Day holiday. This week's results include an adjustment to account for the holiday. The Market Composite Index, a measure of mortgage loan application volume, was 493.1, an increase of 10.9 percent on a seasonally-adjusted basis from 444.8 one week earlier. On an unadjusted basis, the Index decreased 0.5 percent compared with the previous week and increased 7.2 percent compared with the same week one year earlier.
The Refinance Index increased 15.2 percent to 1707.7 from 1482.2 the previous week and the seasonally-adjusted Purchase Index increased 6.7 percent to 285.6 from 267.7 one week earlier.
The four-week moving average for the seasonally-adjusted Market Index is down 5.6 percent. The four-week moving average is up 1.4 percent for the seasonally-adjusted Purchase Index, while this average is down 10.9 percent for the Refinance Index.
The refinance share of mortgage activity increased to 48.4 percent of total applications from 46.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.4 percent from 4.3 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 5.34 percent, with points increasing to 1.13 from 1.12 (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 4.83 percent from 4.81 percent, with points increasing to 1.06 from 1.04 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.58 percent from 6.52 percent, with points increasing to 0.14 from 0.13 (including the origination fee) for 80 percent LTV loans.
The survey covers over 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.