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Mortgage Loan Applications Down in Latest MBA Survey

May 16, 2002

Refinance Index Decrease Slightly from Previous Week

WASHINGTON, D.C.-- The market composite index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-for the week ending May 10 decreased 8.7 percent to 532.5 on a seasonally adjusted basis from 583.2 the previous week, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released today. On an unadjusted basis, the application index decreased 8.4 percent and was down 3.6 percent compared to the same week a year earlier.

The MBA seasonally adjusted Purchase Index decreased to 356.5 from 382.7 the previous week. The seasonally adjusted Refinance Index decreased to 1556.2 from 1749.9 the previous week. Other seasonally adjusted index activity included the Conventional Index, which decreased to 727.4 from 777.6 the previous week, and the Government Index, which decreased to 207.2 from 258.9 the previous week.

Refinancing activity represented 39.6 percent of total applications, decreasing from 40.8 percent the previous week. The share of ARM activity increased to 17.0 percent from 15.1 percent the previous week.

The average contract interest rate for30-year fixed rate mortgages was 6.76 percent, increasing from 6.66 percent the previous week, with points decreasing to 1.46 from 1.60 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for15-year fixed rate mortgages was 6.23 percent, increasing from 6.18 percent the previous week, with points increasing to 1.34 from 1.31 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for1-year ARMs was 4.73 percent, increasing slightly from 4.72 percent the previous week, with points increasing to 1.04 from 1.02 the previous week (including the origination fee) for 80 percent LTV loans.

Source: Mortgage Bankers Association



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