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Mortgage Rates Hold Steady in Latest MBA Survey

August 4, 2004

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 30. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications - was 620.4, a decrease of 0.2 percent on a seasonally adjusted basis from 621.4 one week earlier. On an unadjusted basis, the Index decreased by 0.3 percent compared with last week and was down 35.6 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index increased by 1.6 percent to 452.0 from 444.8 the previous week. The seasonally adjusted Refinance Index decreased by 2.9 percent to 1600.3 from 1648.8 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased 0.6 percent to 907.8 from 913.7 the previous week. The Government Index increased 5.0 percent to 140.6 from 133.9 the previous week.

The refinance share of mortgage activity decreased to 35.8 percent of total applications from 36.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 33.5 percent of total applications from 33.3 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages remained at 5.97 percent, with points increasing to 1.48 from 1.32 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 remained at 5.33 percent, with points increasing to 1.51 from 1.41 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 3.90 percent from 4.04 percent one week earlier, with points increasing to 1.17 from 1.16 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA



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