Mortgage Application Activity Holds Steady In Latest Survey
May 4, 2005
WASHINGTON, D.C. - The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending April 29 found that the Market Composite Index - a measure of mortgage loan application volume - was 714.1, an increase of 0.2 percent on a seasonally adjusted basis from 712.4 one week earlier. On an unadjusted basis, the Index increased 0.7 percent compared with last week but was down 8.0 percent compared with the same week one year earlier.
The MBA seasonally adjusted Purchase Index increased by 0.1 percent to 482.5 from 482.0 the previous week whereas the seasonally adjusted Refinance Index increased by 0.4 percent to 2061.2 from 2052.5 one week earlier. On a year-over-year basis the Purchase Index is down 0.1 percent overall while the Conventional Purchase Index is up 4.0 percent.
Other seasonally adjusted index activity included the Conventional Index, which increased 0.2 percent to 1068.6 from 1066.6 the previous week. The Government Index increased 1.0 percent to 122.5 from 121.3 the previous week.
The refinance share of mortgage activity decreased to 39.1 percent of total applications from 39.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 33.4 percent of total applications from 34.7 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.74 percent from 5.75 percent one week earlier, with points decreasing to 1.18 from 1.28 (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 5.31 percent from 5.33 percent one week earlier, with points decreasing to 1.22 from 1.26 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 4.14 percent from 4.15 percent one week earlier, with points increasing to 0.98 from 0.97 (including the origination fee) for 80 percent LTV loans.