Mortgage Application Volume Drops Slightly in Latest Survey
April 19, 2006
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending April 14 found that the Market Composite Index, a measure of mortgage loan application volume, was 569.6, a decrease of 1.7 percent on a seasonally adjusted basis from 579.4 one week earlier. On an unadjusted basis, the Index decreased 1.4 percent compared with the previous week and was down 14.9 percent compared with the same week one year earlier.
The seasonally-adjusted Purchase Index decreased by 2.7 percent to 407.4 from 417.7 the previous week whereas the Refinance Index decreased by 0.4 percent to 1526.1 from 1532.4 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 2.0 percent to 837.6 from 854.9 the previous week, and the Government Index, which increased 2.2 percent to 122.6 from 120.0 the previous week.
The four week moving average for the seasonally-adjusted Market Index is up 0.2 percent to 583.4 from 582.2. The four week moving average is up 0.8 percent to 416.9 from 413.4 for the Purchase Index while this average is down 0.8 percent to 1564.4 from 1576.5 for the Refinance Index.
The refinance share of mortgage activity increased to 36.4 percent of total applications from 36.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.9 percent of total applications from 28.6 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.56 percent from 6.50 percent, with points decreasing to 1.10 from 1.20 (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 6.19 percent from 6.17 percent, with points increasing to 1.22 from 1.16 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.00 percent from 5.97 percent, with points increasing to 0.86 from 0.84 (including the origination fee) for 80 percent LTV loans.