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Mortgage Application Volume Remains Steady in Latest Survey

June 23, 2004

WASHINGTON, D.C. —The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 18. The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-increased by 0.1 percent to 601.2 on a seasonally adjusted basis from 600.6 one week earlier. On an unadjusted basis, the Index decreased by 0.4 percent compared with last week and was down 59.7 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index increased by 1.1 percent to 454.5 from 449.5 the previous week. The seasonally adjusted Refinance Index decreased by 1.7 percent to 1454.6 from 1479.4 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased 0.1 percent to 873.4 from 873.5 the previous week. The Government Index increased 1.2 percent to 146.9 from 145.1 the previous week.

The refinance share of mortgage activity decreased to 33.4 percent of total applications from 33.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 33.5 percent of total applications from 34.7 percent the previous week.

The average contract interest rate for30-year fixed-rate mortgages decreased to 6.21 percent from 6.34 percent from one week earlier, with points decreasing to 1.26 from 1.29 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for15-year fixed-rate mortgages decreased to 5.61 percent from 5.73 percent one week earlier, with points increasing to 1.35 from 1.30 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate forone-year ARMs increased to 4.10 percent from 4.08 percent one week earlier, with points decreasing to 1.01 from 1.05 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA



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