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Mortgage Loan Applications Down in Latest MBA Survey

June 12, 2002

Refinance Index Increases from Previous Week

WASHINGTON, D.C. (June 12) The market composite index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-for the week ending June 7 decreased 5.5 percent to 554.9 on a seasonally adjusted basis from 587.4 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 increased 16.6 percent and was up 0.9 percent compared to the same week a year earlier.

The MBA seasonally adjusted Purchase Index decreased to 359.0 from 414.0 the previous week. The seasonally adjusted Refinance Index increased to 1693.8 from 1596.4 the previous week. Other seasonally adjusted index activity included the Conventional Index, which decreased to 765.2 from 790.8 the previous week, and the Government Index, which decreased to 204.0 from 248.0 the previous week.

Refinancing activity represented 42.3 percent of total applications, increasing from 37.2 percent the previous week. The share of ARM activity increased to 17.5 percent from 16.4 percent the previous week.

The average contract interest rate for30-year fixed rate mortgages was 6.65 percent, decreasing slightly from 6.66 percent the previous week, with points increasing to 1.61 from 1.42 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 6.15 percent, increasing from 6.11 the previous week, with points increasing to 1.33 from 1.26 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 4.48 percent, decreasing from 4.55 percent the previous week, with points decreasing slightly to 1.13 from 1.14 the previous week (including the origination fee) for 80 percent LTV loans.

Source: Mortgage Bankers Association



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