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Mortgage Applications Remain Strong In Latest MBA Survey

November 27, 2002

Fixed Mortgage Rates Increase

WASHINGTON, D.C. (November 27, 2002) The Market Composite Index of mortgage loan applications -- a measure of mortgage loan applications for purchases and refinancings -- for the week ending November 22 decreased 5.8 percent to 1131.0 on a seasonally-adjusted basis from 1200.2 the previous week, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released today. On an unadjusted basis, the Index decreased 6.9 percent but was up 79.8 percent compared to the same week a year earlier.

The MBA seasonally adjusted Purchase Index increased to 350.2 from 345.0 the previous week. The seasonally adjusted Refinance Index decreased to 5672.3 from 6174.1 the previous week. Last week marked the eighteenth consecutive week that the Refinance Index has been above 4000, and the Refinance Index was above 5000 for thirteen of those seventeen weeks. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1639.4 from 1735.1 the previous week. The Government Index decreased to 282.5 from 307.4 the previous week.

Refinancing activity represented 76.6 percent of total applications, decreasing from 77.6 percent the previous week. The share of ARM activity increased to 13.4 percent from 11.9 percent the previous week.

The average contract interest rate for30-year fixed rate mortgages increased to 6.00 percent from 5.94 percent the previous week, with points increasing to 1.54 from 1.44 the previous week (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 5.41 percent from 5.39 percent the previous week, with points increasing to 1.53 from 1.30 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for1-year ARMs was 3.93 percent, increasing slightly from 3.92 percent the previous week, with points increasing to 1.11 from 0.97 the previous week (including the origination fee) for 80 percent LTV loans.

Source: Mortgage Bankers Association of America



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