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Refinance Application Volume Rises As Mortgage Rates Fall

October 27, 2004

WASHINGTON, D.C. (October 27, 2004)— The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 22. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications - was 703.9, a decrease of 0.8 percent on a seasonally adjusted basis from 709.9 one week earlier. On an unadjusted basis, the Index increased 10.1 percent compared with last week and up 8.1 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index decreased by 4.4 percent to 440.9 from 461.4 the previous week. The seasonally adjusted Refinance Index increased by 3.6 percent to 2233.8 from 2155.2 one week earlier.

Other seasonally adjusted index activity included the Conventional Index, which increased 0.1 percent to 1050.4 from 1049.7 the previous week. The Government Index decreased 11.8 percent to 125.9 from 142.8 the previous week.

The refinance share of mortgage activity increased to 47.7 percent of total applications from 45.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 34.9 percent of total applications from 34.8 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.54 percent from 5.64 percent one week earlier, with points increasing to 1.35 from 1.30 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 to 4.90 percent from 5.03 percent one week earlier, with points increasing to 1.32 from 1.25 the previous week (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 3.93 percent from 3.81 percent one week earlier, with points increasing to 1.15 from 1.12 from the previous week (including the origination fee) for 80 percent LTV loans.

Source: MBA



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