Mortgage Application Volume Down Slightly In Latest Survey
April 20, 2005
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 15. The Market Composite Index - a measure of mortgage loan application volume - was 672.6, a decrease of 1.6 percent on a seasonally adjusted basis from 683.6 one week earlier. On an unadjusted basis, the Index decreased 1.3 percent compared with last week and was down 8.7 percent compared with the same week one year earlier.
The MBA seasonally adjusted Purchase Index decreased by 1.6 percent to 466.7 from 474.5 the previous week while the seasonally adjusted Refinance Index decreased by 1.6 percent to 1870.0 from 1899.6 one week earlier. On a year-over-year basis, the Conventional Purchase Index is up 11.8 percent whereas the Government Purchase Index is down 27.4 percent.
Other seasonally adjusted index activity included the Conventional Index, which decreased 1.7 percent to 1003.1 from 1020.9 the previous week. The Government Index increased 0.2 percent to 120.8 from 120.5 the previous week.
The refinance share of mortgage activity decreased to 38.0 percent of total applications from 38.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 35.4 percent of total applications from 35.8 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.83 percent from 5.95 percent one week earlier, with points decreasing to 1.28 from 1.36 (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 5.40 percent from 5.51 percent one week earlier, with points decreasing to 1.20 from 1.34 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 4.22 percent from 4.28 percent one week earlier, with points increasing to 1.01 from 0.97 (including the origination fee) for 80 percent LTV loans.