Mortgage Applications Rose Modestly In Latest MBA Weekly Survey
|December 12, 2007|
WASHINGTON, D.C.— The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey found that applications increased modestly for the week ending December 7, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 811.8, an increase of 2.5 percent on a seasonally adjusted basis from 791.8 one week earlier. On an unadjusted basis, the Index increased 1.4 percent compared with the previous week and was up 14.2 percent compared with the same week one year earlier.
The Refinance Index increased 4.3 percent to 2879.8 from 2761.3 the previous week and the seasonally adjusted Purchase Index increased 1.7 percent to 472 from 464.3 one week earlier. On an unadjusted basis, the Purchase Index decreased 2.3 percent to 364.8 from 373.5 the previous week. The seasonally adjusted Conventional Index increased 2.8 percent to 1169.9 from 1138.4 the previous week, and the seasonally adjusted Government Index increased 0.4 percent to 214.9 from 214.0 the previous week. The four week moving average for the seasonally adjusted Market Index is up 3.7 percent to 732.9 from 706.8. The four week moving average is up 2.3 percent to 440.9 from 431.0 for the Purchase Index, while this average is up 6.0 percent to 2483.5 from 2342.5 for the Refinance Index.
The refinance share of mortgage activity increased to 57.6 percent of total applications from 56.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 9.4 from 11.6 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.07 percent from 5.82 percent, with points increasing to 1.17 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 increased to 5.72 percent from 5.38 percent, with points decreasing to 1.01 from 1.12 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.31 percent from 6.28 percent, with points decreasing to 0.97 from 0.99 (including the origination fee) for 80 percent LTV loans.