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Fixed Mortgage Rates Remain Steady In Latest MBA Survey Mortgage Applications Increase

November 7, 2002

WASHINGTON, D.C.-- The Market Composite Index of mortgage loan applications -- a measure of mortgage loan applications for purchases and refinancings -- for the week ending November 1 increased 13.1 percent to 1030.5 on a seasonally-adjusted basis from 911.0 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 Index increased 12.7 percent but was down 1.0 percent compared to the same week a year earlier.

The MBA seasonally adjusted Purchase Index increased to 369.5 from 338.6 the previous week. The seasonally adjusted Refinance Index increased to 4875.1 from 4240.4 the previous week. Last week marked the fifteenth consecutive week that the Refinance Index has been above 4000, and the Refinance Index was above 5000 for eleven of those fifteen weeks. Other seasonally adjusted index activity included the Conventional Index, which increased to 1471.3 from 1312.2 the previous week. The Government Index increased to 294.7 from 241.3 the previous week.

"The refinance wave that has existed since mid-year is not over yet," noted MBA economist Phil Colling. "Last week's increase in the refinance index reversed a three-week downward trend from its record high, and indicates that the refinance boom is still going strong."

Refinancing activity represented 70.6 percent of total applications, increasing from 69.2 percent the previous week. The share of ARM activity decreased to 13.4 percent from 15.2 percent the previous week.

The average contract interest rate for 30-year fixed rate mortgages increased slightly to 6.03 percent from 6.01 percent the previous week, with points decreasing to 1.40 from 1.55 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 decreased slightly to 5.35 percent from 5.39 percent the previous week, with points increasing to 1.44 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 1-year ARMs was 3.90 percent, decreasing from 4.01 percent the previous week, with points increasing slightly to 1.13 from 1.10 the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA

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