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Mortgage Application Volume Down In Latest Mortgage Bankers Survey

February 15, 2006

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending February 10 found that: the Market Composite Index — a measure of mortgage loan application volume was 574.1 – a decrease of 7.3 percent on a seasonally adjusted basis from 619.3 one week earlier. On an unadjusted basis, the Index decreased 4.4 percent compared with the previous week and was down 21.7 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 7.9 percent to 391.7 from 425.1 the previous week, whereas the Refinance Index decreased by 6.5 percent to 1636.7 from 1751.0 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 7.0 percent to 847.8 from 911.2 the previous week, and the Government Index, which decreased 11.2 percent to 117.8 from 132.7 the previous week. The four week moving average for the seasonally-adjusted Market Index is down 1.6 percent to 620.2 from 625.2. The four week moving average is down 2.9 percent to 431.6 from 444.6 for the Purchase Index while this average is down 0.1 percent to 1727.2 from 1729.3 for the Refinance Index.

The refinance share of mortgage activity decreased to 41.2 percent of total applications from 42.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 29.6 percent of total applications from 29.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages remained at 6.25 percent, with points increasing to 1.34 from 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 increased to 5.92 percent from 5.84 percent, with points decreasing to 1.17 from 1.28 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 5.52 percent from 5.48 percent, with points increasing to 0.99 from 0.96 (including the origination fee) for 80 percent LTV loans.

Source: MBA



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