Mortgage Applications Decrease Slightly In Latest MBA Weekly Survey
|November 7, 2007|
WASHINGTON, D.C. — The latest Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 2, 2007 found a slight decrease on loan applocation volume. The Market Composite Index, a measure of mortgage loan application volume, was 670.6, a decrease of 1.6 percent on a seasonally adjusted basis from 681.7 one week earlier. On an unadjusted basis, the Index decreased 2.4 percent compared with the previous week and was up 8 percent compared with the same week one year earlier.
The Refinance Index decreased 3.2 percent to 2176.1 from 2249.0 the previous week and the seasonally adjusted Purchase Index decreased to 412.7 from 412.9 one week earlier. On an unadjusted basis, the Purchase Index decreased 1.6 percent to 387.3 from 393.5 the previous week. The seasonally adjusted Conventional Index decreased 2.3 percent to 960.0 from 982.2 the previous week, and the seasonally adjusted Government Index increased 4 percent to 188.0 from 180.7 the previous week. The four week moving average for the seasonally adjusted Market Index is up 0.7 percent to 666.3 from 661.6. The four week moving average is down 0.4 percent to 417.6 from 419.5 for the Purchase Index, while this average is up 2.1 percent to 2116.3 from 2073.1 for the Refinance Index.
The refinance share of mortgage activity decreased to 49.1 percent of total applications from 49.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 14.2 percent from 14.7 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.16 percent from 6.15 percent, with points increasing to 1.08 from 1.05 (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 5.77 percent from 5.79 percent, with points remaining unchanged at 1.10 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.94 percent from 5.93 percent, with points decreasing to 0.9 from 0.93 (including the origination fee) for 80 percent LTV loans.