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Mortgage Application Volume Jumps, Rates Fall In Latest Survey

July 7, 2004

WASHINGTON, D.C. -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 2. The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications - increased by 19.5 percent to 687.0 on a seasonally adjusted basis from 575.0 one week earlier. On an unadjusted basis, the Index increased by 19.2 percent compared with last week but was down 34.1 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index increased by 15.0 percent to 500.9 from 435.4 the previous week. The seasonally adjusted Refinance Index increased by 27.6 percent to 1769.7 from 1386.9 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which increased 20.4 percent to 1009.6 from 838.2 the previous week. The Government Index increased 9.7 percent to 148.7 from 135.6 the previous week.

The refinance share of mortgage activity increased to 35.8 percent of total applications from 33.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 34.1 percent of total applications from 33.9 percent the previous week.

The average contract interest rate for30-year fixed-rate mortgages decreased to 5.96 percent from 6.21 percent one week earlier, with points increasing to 1.37 from 1.30 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 5.39 percent from 5.61 percent one week earlier, with points decreasing to 1.31 from 1.40 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate forone-year ARMs decreased to 3.90 percent from 4.18 percent one week earlier, with points increasing to 1.12 from 1.04 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA



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