Mortgage Applications Increase in Latest MBA Survey
|June 13, 2007|
Aplications increased the week ending June 8th according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of mortgage loan application volume, was 666.5, an increase of 6.6 percent on a seasonally adjusted basis from 625.3 one week earlier. On an unadjusted basis, the Index increased 17.4 percent compared with the previous week and was up 16.1 percent compared with the same week one year earlier.
The Refinance Index increased 5.6 percent to 1854.8 from 1757.1 the previous week and the seasonally adjusted Purchase Index increased 7.2 percent to 464.7 from 433.6 one week earlier. The seasonally adjusted Conventional Index increased 6.4 percent to 979.1 from 920.6 the previous week, and the seasonally adjusted Government Index increased 9.3 percent to 145.2 from 132.8 the previous week.
The four week moving average for the seasonally adjusted Market Index is down 0.3 percent to 653.6 from 655.8. The four week moving average is up 1.9 percent to 440.8 from 432.8 for the Purchase Index, while this average is down 3.3 percent to 1910.3 from 1975.5 for the Refinance Index.
The refinance share of mortgage activity remained unchanged at 38 percent of total applications. The adjustable-rate mortgage (ARM) share of activity increased to 18.7 from 17.8 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.61 percent from 6.35 percent, with points decreasing to 1.44 from 1.5 (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 6.28 from 6.13 percent, with points increasing to 1.39 from 1.2 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.48 from 5.74 percent, with points increasing to 1.18 from 1.14 (including the origination fee) for 80 percent LTV loans.