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Mortgage Application Volume Down In Latest Survey

June 30, 2004

WASHINGTON, D.C. —The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 25. The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-decreased by 4.4 percent to 575.0 on a seasonally adjusted basis from 601.2 one week earlier. On an unadjusted basis, the Index decreased by 4.8 percent compared with last week and was down 63.5 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index decreased by 4.2 percent to 435.4 from 454.5 the previous week. The seasonally adjusted Refinance Index decreased by 4.7 percent to 1386.9 from 1454.6 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased 4.0 percent to 838.2 from 873.4 the previous week. The Government Index decreased 7.7 percent to 135.6 from 146.9 the previous week.

The refinance share of mortgage activity was 33.4 percent of total applications, unchanged from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 33.9 percent of total applications from 33.5 percent the previous week.

The average contract interest rate for30-year fixed-rate mortgages was 6.21 percent, same as one week earlier, with points increasing to 1.30 from 1.26 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 5.61 percent, same as one week earlier, with points increasing to 1.40 from 1.35 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate forone-year ARMs increased to 4.18 percent from 4.10 percent one week earlier, with points increasing to 1.04 from 1.01 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA

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