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Rates Fall for 5th Straight Week in MBA Weekly Survey

January 11, 2006

Key mortgage interest rates fell for the fifth consecutive week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 6. The average contract interest rate for 30-year fixed-rate mortgages decreased by seven basis points to 6.08 percent from 6.15 percent on week earlier, with points decreasing to 1.23 from 1.32 (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 5.66 percent from 5.74 percent, with points decreasing to 1.17 from 1.25 (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year adjustable-rate mortgages (ARMs) increased to 5.42 percent from 5.41 percent one week earlier, with points remaining at 0.92 (including the origination fee) for 80 percent LTV loans.

The Market Composite Index stood at 600.1, an increase of 9.9 percent on a seasonally adjusted basis from 545.9 one week earlier. A holiday adjustment was included in the seasonally adjusted numbers to help account for the reduced application activity over the New Year’s holiday. On an unadjusted basis, the Index increased 27.2 percent compared with the previous week but was down 19.1 percent compared with the same week one year earlier. The four-week moving average for the seasonally-adjusted Market Index is down 0.8 percent to 573.7 from 578.5. The seasonally-adjusted Purchase Index increased by 9.3 percent to 457.4 from 418.3 the previous week; the four-week moving average for the Purchase Index was down by 1.2 percent, to 440.4 from 445.6.

The seasonally adjusted Refinance Index increased by 9.9 percent to 1497.5 from 1363.2 one week earlier. The four-week moving average for the Refinance Index rose by 1.0 percent, to 1384.5 from 1344.5. The refinance share of mortgage activity decreased to 42.2 percent of total applications from 42.7 percent the previous week. The ARM share of activity decreased to 28.1 percent of total applications from 28.8 percent the previous week.

Other seasonally adjusted index activity includes the Conventional Index, which increased 11.6 percent to 906.2 from 812.0 the previous week; and the Government Index, which decreased 12.1 percent to 89.6 from 101.9 the previous week. The survey covers 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

Source: MBA

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