Mortgage Applications Dip Slightly In Latest MBA Weekly Survey
|August 20, 2008|
Mortgage applications declined slightly according to the Mortgage Bankers Association (MBA) Weekly Market Survey.
The Market Composite Index, a measure of mortgage loan application volume, was 419.3, a decrease of 1.5 percent on a seasonally adjusted basis from 425.9 one week earlier. On an unadjusted basis, the Index decreased 2.6 percent compared with the previous week and was down 34.2 percent compared with the same week one year earlier.
The Refinance Index decreased 3.7 percent to 1034.5 from the previous week and the seasonally adjusted Purchase Index decreased 0.4 percent to 314.0 from one week earlier. The Conventional Purchase Index decreased 0.7 percent while the Government Purchase Index (largely FHA) increased 0.2 percent.
The four week moving average for the seasonally adjusted Market Index is down 4.0 percent. The four week moving average is down 1.7 percent, while this average is down 7.7 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 34.8 percent of total applications from 35.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.0 percent from 7.3 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.47 percent from 6.57 percent, with points decreasing to 1.10 from 1.14 (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 5.99 percent from 6.17 percent, with points increasing to 1.18 from 1.06 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 7.07 percent from 7.15 percent, with points increasing to 0.42 from 0.38 (including the origination fee) for 80 percent LTV loans.