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Industry News

Mortgage Application Volume Declined 6 Percent In Latest Survey

July 14, 2004

WASHINGTON, D.C.The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 9. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications - was 643.9 during the holiday-shortened week, a decrease of 6.3 percent on a seasonally adjusted basis from 687.0 one week earlier. On an unadjusted basis, the Index decreased by 25.0 percent compared with last week but was down 60.9 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index decreased by 6.4 percent to 468.8 from 500.9 the previous week. The seasonally adjusted Refinance Index decreased by 6.1 percent to 1662.4 from 1769.7 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased 6.4 percent to 945.0 from 1009.6 the previous week. The Government Index decreased 4.8 percent to 141.6 from 148.7 the previous week.

The refinance share of mortgage activity remained at 35.8 percent of total applications. The adjustable-rate mortgage (ARM) share of activity decreased to 31.5 percent of total applications from 34.1 percent the previous week.

The average contract interest rate for30-year fixed-rate mortgages decreased to 5.95 percent from 5.96 percent one week earlier, with points decreasing to 1.35 from 1.37 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 5.36 percent from 5.39 percent one week earlier, with points decreasing to 1.23 from 1.31 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate forone-year ARMs increased to 3.93 percent from 3.90 percent one week earlier, with points decreasing to 1.06 from 1.12 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA

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