Home Refinance Application Volume Up During Holiday Shortened Week
November 17, 2004
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 12. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications - was 758.3, an increase of 4.3 percent on a seasonally adjusted basis from 727.3 one week earlier. On an unadjusted basis, the Index decreased 7.5 percent compared with last week but was up 15.0 percent compared with the same week one year earlier.
The MBA seasonally adjusted Purchase Index decreased by 0.6 percent to 480.3 from 483.0 the previous week. The seasonally adjusted Refinance Index increased by 10.6 percent to 2375.4 from 2148.7 one week earlier.
Other seasonally adjusted index activity included the Conventional Index, which increased 3.4 percent to 1125.2 from 1088.2 the previous week. The Government Index increased 16.7 percent to 146.0 from 125.1 the previous week.
The refinance share of mortgage activity increased to 48.6 percent of total applications from 45.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 34.0 percent of total applications from 35.3 percent the previous week
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.70 percent from 5.69 percent one week earlier, with points decreasing to 1.27 from 1.36 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages remained at 5.08 percent, with points decreasing to 1.27 from 1.33 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 3.89 percent from 4.03 percent one week earlier, with points decreasing to 0.97 from 1.05 from the previous week (including the origination fee) for 80 percent LTV loans.
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