Mortgage Applications Decrease in Latest MBA Survey
|June 27, 2007|
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 22, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 618.6, a decrease of 3.9 percent on a seasonally adjusted basis from 643.7 one week earlier. On an unadjusted basis, the Index decreased 4.5 percent compared with the previous week and was up 16.3 percent compared with the same week one year earlier.
The Refinance Index decreased 2.5 percent to 1731.6 from 1776.8 the previous week and the seasonally adjusted Purchase Index decreased 4.9 percent to 428.9 from 450.9 one week earlier. The seasonally adjusted Conventional Index decreased 3.6 percent to 909.2 from 943 the previous week, and the seasonally adjusted Government Index decreased 7.4 percent to 134 from 144.7 the previous week. The four week moving average for the seasonally adjusted Market Index is down 0.7 percent to 638.5 from 643. The four week moving average is up 0.1 percent to 444.5 from 444.0 for the Purchase Index, while this average is down 2.0 percent to 1780.1 from 1815.8 for the Refinance Index.
The refinance share of mortgage activity increased to 38.7 percent of total applications from 38.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 20.4 from 20.3 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 6.60 percent, with points decreasing to 1.54 from 1.58 (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 6.24 from 6.28 percent, with points decreasing to 1.41 from 1.42 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.51 from 5.70 percent, with points decreasing to 1.14 from 1.16 (including the origination fee) for 80 percent LTV loans.