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Market and Purchase Applications Decrease in MBA's Weekly Survey

February 7, 2007

The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey found that mortgage applications declined for both refinancings and home purchases.

The Market Composite Index, a measure of mortgage loan application volume, was 630.1, a decrease of 0.2 percent on a seasonally adjusted basis from 631.1 one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week and was up 1.4 percent compared with the same week one year earlier.

The Refinance Index increased 0.2 percent to 1943.4 from 1940.2 the previous week and the seasonally adjusted Purchase Index decreased 0.8 percent to 404.7 from 408 one week earlier. The seasonally adjusted Conventional Index decreased 0.1 percent to 937.2 from 937.9 the previous week, and the seasonally adjusted Government Index decreased 1.3 percent to 118 from 119.6 the previous week. The four week moving average for the seasonally adjusted Market Index is down 1.6 percent to 634.92 from 645.17. The four week moving average is down 4 percent to 413.78 from 430.8 for the Purchase Index, while this average is up 0.3 percent to 1944.6 from 1939.7 for the Refinance Index.

The refinance share of mortgage activity decreased to 46.1 percent of total applications from 47.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 22.3 from 21.37 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.23 percent from 6.29 percent, with points increasing to 1.09 from 1.07 (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 5.96 from 6.01 percent, with points increasing to 1.1 from 1.07 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 5.84 from 5.86 percent, with points decreasing to 0.78 from 0.83 (including the origination fee) for 80 percent LTV loans.

Source: MBA



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