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Purchase Application Volume Up 18 Percent From One Year Ago, Refinance Application Volume Highest in Five Months

September 29, 2004

WASHINGTON, D.C. —The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 24. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications - was 724.7, an increase of 4.9 percent on a seasonally adjusted basis from 690.7 one week earlier. On an unadjusted basis, the Index increased by 4.6 percent compared with last week and was up 2.1 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index increased by 2.7 percent to 469.1 from 456.6 the previous week. On an unadjusted basis, the Purchase Index is up almost 18 percent from one year ago. The seasonally adjusted Refinance Index increased by 7.7 percent to 2211.1 from 2052.5 one week earlier. The Refinance Index is at the highest level since the week of April 21, 2004.

Other seasonally adjusted index activity included the Conventional Index, which increased 4.8 percent to 1077.6 from 1028.3 the previous week. The Government Index increased 6.5 percent to 135.7 from 127.4 the previous week.

The refinance share of mortgage activity increased to 45.9 percent of total applications from 44.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 32.5 percent of total applications from 33.1 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.64 percent from 5.66 percent one week earlier, with points increasing to 1.35 from 1.29 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 decreased to 4.99 percent from 5.02 percent one week earlier, with points increasing to 1.38 from 1.30 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 3.92 percent from 3.89 percent one week earlier, with points increasing to 1.13 from 1.03 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA



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