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Mortgage Applications Increase Slightly In Latest MBA Weekly Survey

August 27, 2008

The first time in three weeks, mortgage applications rose according to the Mortgage Bankers Association's (MBA)s Weekly Mortgage Applications Survey for the week ending August 22, 2008.

The Market Composite Index, a measure of mortgage loan application volume, was 421.6, an increase of 0.5 percent on a seasonally adjusted basis from 419.3 one week earlier. On an unadjusted basis, the Index decreased 0.9 percent compared with the previous week and was down 31.2 percent compared with the same week one year earlier.

The Refinance Index increased 0.3 percent to 1038.0 from the previous week and the seasonally adjusted Purchase Index increased 0.6 percent to 315.9 from one week earlier. The Conventional Purchase Index decreased 0.6 percent while the Government Purchase Index (largely FHA) increased 3.3 percent. The four week moving average for the seasonally adjusted Market Index is up 0.05 percent. The four week moving average for the seasonally adjusted Purchase index is up 0.51 percent, while this average is down 0.85 percent for the Refinance Index.

The refinance share of mortgage activity increased to 35.2 percent of total applications from 34.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.9 percent from 8.0 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.44 percent from 6.47 percent, with points decreasing to 1.03 from 1.10 (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 5.94 percent from 5.99 percent, with points decreasing to 1.13 from 1.18 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 7.15 percent from 7.07 percent, with points decreasing to 0.36 from 0.42 (including the origination fee) for 80 percent LTV loans

Source: MBA



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