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Mortgage Application Volume Up 9.6 Percent In Latest Survey

July 6, 2005

The Market Composite Index, compiled by the Mortgage Bankers Association (MBA) and which is a measure of mortgage loan application volume, was 853.4 for the week ending July 1, an increase of 9.6 percent on a seasonally adjusted basis from 778.4 one week earlier. On an unadjusted basis, the Index increased 9.5 percent compared with the previous week and was up 23.2 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 9.1 percent to 520.8 from 477.4 the previous week whereas the Refinance Index increased by 10.2 percent to 2788.2 from 2529.2 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which increased 9.1 percent to 1278.7 from 1172.4 the previous week, and the Government Index, which increased 18.8 percent to 143.9 from 121.1 the previous week. In an effort to better represent short term trends in the major indexes, four-week moving averages for seasonally-adjusted indexes will be included on a weekly basis.

The four week moving average for the seasonally-adjusted Market Index is up 1.3 percent from 783.4 to 795.0. The four week moving average is up 0.8 percent for the Purchase Index from 485.6 to 491.5, while this average is up 2.0 percent from 2515.2 to 2560.7 for the Refinance Index. The refinance share of mortgage activity increased to 45.7 percent of total applications from 45.4 percent the previous week.

The adjustable-rate mortgage (ARM) share of activity increased to 30.7 percent of total applications from 30.0 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.58 percent from 5.47 percent one week earlier, with points decreasing to 1.14 from 1.21 (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 5.18 percent from 5.06 percent one week earlier, with points increasing to 1.13 from 1.07 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 4.60 percent from 4.42 percent one week earlier, with points decreasing to 0.97 from 1.01 (including the origination fee) for 80 percent LTV loans.

Source: MBA



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