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Mortgage Application Volume Rises During Pre-Labor Day Week

September 8, 2004

WASHINGTON, D.C. The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 3. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications - was 692.0, an increase of 7.7 percent on a seasonally adjusted basis from 642.7 one week earlier. On an unadjusted basis, the Index increased by 6.2 percent compared with last week and was up 12.2 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index increased by 7.4 percent to 476.0 from 443.1 the previous week. The seasonally adjusted Refinance Index increased by 8.0 percent to 1948.9 from 1804.1 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which increased 7.6 percent to 1022.3 from 950.2 the previous week. The Government Index increased 8.6 percent to 140.8 from 129.6 the previous week.

The refinance share of mortgage activity increased to 41.4 percent of total applications from 40.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 32.9 percent of total applications from 33.1 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.79 percent from 5.75 percent one week earlier, with points increasing to 1.37 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 mortgages increased to 5.16 percent from 5.11 percent one week earlier, with points increasing to 1.34 from 1.31 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 3.93 percent from 3.79 percent one week earlier, with points increasing to 1.15 from 1.07 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA



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