Mortgage Applications Increase in Latest MBA Survey
|February 14, 2007|
The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending February 9 found that the Market Composite Index, a measure of mortgage loan application volume, was 639.8, an increase of 1.5 percent on a seasonally adjusted basis from 630.1 one week earlier. On an unadjusted basis, the Index increased 4.5 percent compared with the previous week and was up 10.9 percent compared with the same week one year earlier.
The Refinance Index increased 4.5 percent to 2031.7 from 1943.4 the previous week and the seasonally adjusted Purchase Index decreased 1 percent to 400.7 from 404.7 one week earlier. The seasonally adjusted Conventional Index increased 1.8 percent to 954.3 from 937.2 the previous week, and the seasonally adjusted Government Index decreased 2.2 percent to 115.4 from 118 the previous week.
The four week moving average for the seasonally adjusted Market Index is down 1.1 percent to 628.1 from 634.9. The four week moving average is down 2.4 percent to 404 from 413.8 for the Purchase Index, while this average is down 0.2 percent to 1941 from 1944.6 for the Refinance Index.
The refinance share of mortgage activity remained unchanged at 46.1 percent of total applications. The adjustable-rate mortgage (ARM) share of activity decreased to 21.2 from 22.3 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.24 percent from 6.23 percent, with points decreasing to 1.06 from 1.09 (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 5.94 from 5.96 percent, with points increasing to 1.13 from 1.1 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.8 from 5.84 percent, with points increasing to 0.84 from 0.78 (including the origination fee) for 80 percent LTV loans.