Mortgage Applications Increase in Latest MBA Weekly Survey
|July 11, 2007|
After adjusting for the Independence Day holiday mortgage applications increased according to MBA's latest Weekly Mortgage Applications Survey for the week ending July 6, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 626.2, an increase of 1.1 percent on a seasonally adjusted basis from 619.4 one week earlier. On an unadjusted basis, the Index decreased 19.1 percent compared with the previous week and was up 25.3 percent compared with the same week one year earlier.
The Refinance Index decreased 3.0 percent to 1636.9 from 1687.2 the previous week and the seasonally adjusted Purchase Index increased 3.8 percent to 453.9 from 437.3 one week earlier. The seasonally adjusted Conventional Index increased 1.2 percent to 918.2 from 907.2 the previous week, and the seasonally adjusted Government Index decreased 0.1 percent to 139.3 from 139.5 the previous week.
The four week moving average for the seasonally adjusted Market Index is down 1.6 percent to 627.0 from 637.1. The four week moving average is down 0.6 percent to 442.8 from 445.4 for the Purchase Index, while this average is down 3.1 percent to 1708.1 from 1762.6 for the Refinance Index.
The refinance share of mortgage activity decreased to 36.2 percent of total applications from 37.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 20.4 from 21.0 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.65 percent from 6.50 percent, with points decreasing to 1.52 from 1.69 (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 6.31 from 6.20 percent, with points decreasing to 1.41 from 1.43 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.60 from 5.49 percent, with points decreasing to 1.16 from 1.17 (including the origination fee) for 80 percent LTV loans.