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Mortgage Application Volume Down 11.3 Percent In Latest Survey

June 22, 2005

WASHINGTON, D.C. - According to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending June 17 that the Market Composite Index - a measure of mortgage loan application volume - was 786.8, a decrease of 11.3 percent on a seasonally adjusted basis from 887.0 one week earlier. On an unadjusted basis, the Index decreased 11.7 percent compared with last week but was up 29.6 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 9.4 percent to 479.4 from 529.3 the previous week whereas the seasonally-adjusted Refinance Index decreased by 13.2 percent to 2575.0 from 2967.4 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 11.6 percent to 1184.9 from 1339.8 the previous week, and the Government Index, which decreased 6.6 percent to 122.6 from 131.3 the previous week.

In an effort to better represent short term trends in the major indexes, four-week moving averages for seasonally-adjusted indexes will be included on a weekly basis. The four week moving average for the seasonally-adjusted Market Index is up 1.9 percent from 770.3 to 784.6. The four week moving average is down 0.1 percent for the Purchase Index from 488.4 to 487.7 and is up 4.2 percent from 2409.9 to 2511.7 for the Refinance Index.

The refinance share of mortgage activity decreased to 45.6 percent of total applications from 46.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 30.7 percent of total applications from 30.9 percent the previous week.

Source: MBA

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