Mortgage Applications Increase Slightly In Latest MBA Weekly Survey
|October 1, 2007|
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) latest Weekly Mortgage Applications Survey for the week ending October 12, 2007 found a modest increase in loan applications.
This week’s results include an adjustment to account for the Columbus Day holiday. The Market Composite Index, a measure of mortgage loan application volume, was 656.3, an increase of 0.7 percent on a seasonally adjusted basis from 652.0 one week earlier. On an unadjusted basis, the Index decreased 9.3 percent compared with the previous week and was up 0.7 percent compared with the same week one year earlier.
The Refinance Index decreased 1.1 percent to 1980.9 from 2003.2 the previous week and the seasonally adjusted Purchase Index increased 2.1 percent to 429.1 from 420.2 one week earlier. On an unadjusted basis, the Purchase Index decreased 7.9 percent to 370.2 from 401.9 the previous week. The seasonally adjusted Conventional Index increased 0.3 percent to 937.5 from 934.8 the previous week, and the seasonally adjusted Government Index increased 3.9 percent to 187.5 from 180.5 the previous week. The four week moving average for the seasonally adjusted Market Index is down 0.6 percent to 649.8 from 654.0. The four week moving average is down 1.3 percent to 419.9 from 425.6 for the Purchase Index, while this average is up 0.2 percent to 1990.2 from 1985.5 for the Refinance Index.
The refinance share of mortgage activity decreased to 45.3 percent of total applications from 46.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 13.5 from 13.6 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 6.40 percent, with points increasing to 1.04 from 1.00 (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 6.09 from 6.03 percent, with points decreasing to 1.03 from 1.12 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.17 from 6.15 percent, with points increasing to 0.94 from 0.92 (including the origination fee) for 80 percent LTV loans.