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Refinance Application Volume Up Slightly In Latest Survey

October 6, 2004

WASHINGTON, D.C. - The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 1. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications - was 724.8, an increase of 0.01 percent on a seasonally adjusted basis from 724.7 one week earlier. On an unadjusted basis, the Index was virtually unchanged compared with last week and down 11.8 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index decreased by 2.2 percent to 459.0 from 469.1 the previous week. The seasonally adjusted Refinance Index increased by 2.7 percent to 2270.8 from 2211.1 one week earlier.

Other seasonally adjusted index activity included the Conventional Index, which decreased 0.6 percent to 1070.9 from 1077.6 the previous week. The Government Index increased 8.7 percent to 147.5 from 135.7 the previous week.

The refinance share of mortgage activity increased to 47.1 percent of total applications from 45.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 33.9 percent of total applications from 32.5 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.78 percent from 5.64 percent one week earlier, with points increasing to 1.36 from 1.35 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 increased to 5.20 percent from 4.99 percent one week earlier, with points decreasing to 1.36 from 1.38 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 3.97 percent from 3.92 percent one week earlier, with points increasing to 1.16 from 1.13 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: Mortgage Bankers Association



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