Refinance Application Volume Up Third Week in a Row
February 16, 2005
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 11. The Market Composite Index - a measure of mortgage loan application volume - was 732.3, a decrease of 0.5 percent on a seasonally adjusted basis from 735.9 one week earlier. On an unadjusted basis, the Index increased 2.0 percent compared with last week but was down 12.9 percent compared with the same week one year earlier.
The MBA seasonally adjusted Purchase Index decreased by 4.8 percent to 423.3 from 444.6 the previous week. The seasonally adjusted Refinance Index increased by 4.1 percent to 2530.1 from 2430.7 one week earlier.
Other seasonally adjusted index activity included the Conventional Index, which decreased 0.4 percent to 1093.8 from 1098.6 the previous week. The Government Index decreased 1.2 percent to 129.3 from 130.9 the previous week.
The refinance share of mortgage activity increased to 49.9 percent of total applications from 48.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 30.7 percent from 31.9 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.50 percent from 5.48 percent one week earlier, with points increasing to 1.27 from 1.25 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 5.09 percent from 5.06 percent one week earlier, with points increasing to 1.30 from 1.17 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 4.10 percent from 4.24 percent one week earlier, with points increasing to 1.07 from 0.99 (including the origination fee) for 80 percent LTV loans.