Mortgage Loan Applications Up In Latest MBA Survey
|January 17, 2002|
Refinance Activity Increases From Previous Week
WASHINGTON, D.C.-- The market composite index of mortgage loan applications-a measure of loan purchases and refinances-for the week ending January 11 increased 1.9 percent to 581.7 on a seasonally adjusted basis from 570.7 the previous week, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released today. On an unadjusted basis, the application index increased 75.8 percent but was down 18.2 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index decreased to 348.6 from 375.9 the previous week. The seasonally adjusted refinance Index increased to 1937.6 from 1703.7 the previous week. Other seasonally adjusted index activity included the Conventional Index, which increased to 775.3 from 744.1 the previous week, and the Government Index, which decreased to 258.8 from 281.0 the previous week.
Refinancing activity represented 54.3 percent of total applications, increasing from 50.3 percent the previous week. The share of ARM activity increased to 15.6 percent from 14.9 percent the previous week.
The average contract interest rate for30-year fixed rate mortgages was 6.76 percent, decreasing from 7.04 the previous week, with points decreasing to 1.14 from 1.34 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for15-year fixed rate mortgages was 6.28 percent, decreasing from 6.49 the previous week, with points decreasing to 1.10 from 1.34 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for1-year ARMs was 5.19 percent, decreasing from 5.22 percent the previous week, with points decreasing to 1.02 from 1.10 (including the origination fee) for 80 percent LTV loans.
Source: Mortgage Bankers Association