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Application Volumes Increase in Latest MBA Survey

July 6, 2006

Results of the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending June 30 found that: the Market Composite Index, a measure of mortgage loan application volume, was 561.0, an increase of 5.9 percent on a seasonally adjusted basis from 529.6 one week earlier. On an unadjusted basis, the Index increased 5.9 percent compared with the previous week but was down 33.3 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 6.5 percent to 414.2 from 389.0 the previous week and the Refinance Index increased by 5.0 percent to 1423.9 from 1356.0 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which increased 5.9 percent to 827.2 from 781.1 the previous week, and the Government Index, which increased 6.3 percent to 117.3 from 110.3 the previous week. The four week moving average for the seasonally-adjusted Market Index is up 1.2 percent to 557.5 from 550.9. The four week moving average is up 1.2 percent to 408.2 from 403.5 for the Purchase Index, while this average is up 1.2 percent to 1436.4 from 1419.4 for the Refinance Index.

The refinance share of mortgage activity decreased to 35.0 percent of total applications from 35.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 29.5 percent of total applications from 29.1 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.80 percent from 6.86 percent, with points increasing to 1.13 from 1.10 (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 6.41 percent from 6.49 percent, with points increasing to 1.12 from 1.04 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 6.39 percent from 6.36 percent, with points decreasing to 0.78 from 0.87 (including the origination fee) for 80 percent LTV loans. This is the highest that the one year rate has been since February 2001.

Source: MBA



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