Mortgage Loan Applications Up In Latest MBA Survey
March 27, 2002
Refinance Index & Purchase Index Decrease 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 March 22 increased 4.9 percent to 494.8 on a seasonally adjusted basis from 471.6 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 4.7 percent but was down 23.4 percent compared to the same week a year earlier.
The MBA seasonally adjusted Purchase Index increased to 330.4 from 310.9 the previous week. The seasonally adjusted Refinance Index increased to 1450.6 from 1406.3 the previous week. Other seasonally adjusted index activity included the Conventional Index, which increased to 660.5 from 624.1 the previous week, and the Government Index, which increased to 218.1 from 217.1 the previous week.
Refinancing activity represented 40.2 percent of total applications, decreasing slightly from 40.8 percent the previous week. The share of ARM activity increased slightly to 16.5 percent from 16.2 percent the previous week.
The average contract interest rate for30-year fixed rate mortgages was 7.14 percent, increasing slightly from 7.11 percent the previous week, with points increasing slightly to 1.39 from 1.38 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 6.62 percent, increasing slightly from 6.59 percent the previous week, with points decreasing to 1.36 from 1.42 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 5.23 percent, decreasing slightly from 5.26 percent the previous week, with points decreasing slightly to 1.10 from 1.11 the previous week (including the origination fee) for 80 percent LTV loans.
Source: Mortgage Banking Association