Mortgage Application Volume Holds Steady in Latest MBA Survey
March 8, 2006
Mortgage Application Volume Holds Steady in Latest Survey
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA)Weekly Mortgage Applications Survey for the week ending March 3 found the Market Composite Index — a measure of mortgage loan application volume was 575.6 – an increase of 0.7 percent on a seasonally adjusted basis from 571.5 one week earlier. On an unadjusted basis, the Index increased 12.9 percent compared with the previous week, but was down 17.8 percent compared with the same week one year earlier.
The seasonally-adjusted Purchase Index decreased by 0.4 percent to 399.0 from 400.8 the previous week, whereas the Refinance Index increased by 2.6 percent to 1614.4 from 1573.5 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which increased 0.3 percent to 846.1 from 843.6 the previous week, and the Government Index, which increased 5.7 percent to 124.6 from 117.9 the previous week. The four week moving average for the seasonally-adjusted Market Index is down 1.9 percent to 574.9 from 585.9. The four week moving average is down 1.6 percent to 400.1 from 406.6 for the Purchase Index while this average is down 2.1 percent to 1599.0 from 1633.2 for the Refinance Index.
The refinance share of mortgage activity increased to 38.5 percent of total applications from 38.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 27.9 percent of total applications from 28.3 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.31 percent from 6.18 percent, with points increasing to 1.22 from 1.19 (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 5.97 percent from 5.84 percent, with points decreasing to 1.22 from 1.24 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.69 percent from 5.64 percent, with points decreasing to 0.96 from 0.99 (including the origination fee) for 80 percent LTV loans.
Source: The Mortgage Bankers Association (MBA)