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Mortgage Refinance Applications Up In Latest MBA Survey

January 18, 2006

WASHINGTON, D.C. — Acording to the Mortgage Bankers Association (MBA)Weekly Mortgage Applications Survey for the week ending January 13: the Market Composite Index — a measure of mortgage loan application volume was 613.3 -- an increase of 2.2 percent on a seasonally adjusted basis from 600.1 one week earlier. On an unadjusted basis, the Index increased 31.4 percent compared with the previous week but was down 10.9 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 3.0 percent to 443.9 from 457.4 the previous week whereas the Refinance Index increased by 9.9 percent to 1645.2 from 1497.5 one week earlier. Compared to last year, the Refinance Index is down 19.7 percent from 2048.6 to 1645.2. Other seasonally adjusted index activity includes the Conventional Index, which increased 1.2 percent to 917.1 from 906.2 the previous week, and the Government Index, which increased 18.9 percent to 106.5 from 89.6 the previous week.

The four week moving average for the seasonally-adjusted Market Index is up 0.8 percent to 578.4 from 573.7. The four week moving average is down 0.5 percent to 438.1 from 440.4 for the Purchase Index while this average is up 4.1 percent to 1441.3 from 1384.5 for the Refinance Index.

The refinance share of mortgage activity increased to 44.0 percent of total applications from 42.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 30.6 percent of total applications from 28.1 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.07 percent from 6.08 percent on week earlier, with points remaining at 1.23 (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 5.64 percent from 5.66 percent, with points increasing to 1.23 from 1.17 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 5.39 percent from 5.42 percent one week earlier, with points remaining at 0.92 (including the origination fee) for 80 percent LTV loans.

Source: MBA



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