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Mortgage Application Volume Jumps In Latest Survey

January 19, 2005

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 14. The Market Composite Index - a measure of mortgage loan application volume - was 682.9, an increase of 16.2 percent on a seasonally adjusted basis from 587.8 one week earlier. On an unadjusted basis, the Index increased 19.4 percent compared with last week but was down 27.4 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index increased by 14.0 percent to 448.1 from 393.1 the previous week. The seasonally adjusted Refinance Index increased by 19.1 percent to 2048.6 from 1720.5 one week earlier.

Other seasonally adjusted index activity included the Conventional Index, which increased 15.8 percent to 1014.9 from 876.8 the previous week. The Government Index increased 22.2 percent to 128.9 from 105.5 the previous week.

The refinance share of mortgage activity decreased to 48.9 percent of total applications from 49.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 32.8 percent from 32.7 percent of total applications.

The refinance share of mortgage activity decreased to 48.9 percent of total applications from 49.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 32.8 percent from 32.7 percent of total applications.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.64 percent from 5.70 percent one week earlier, with points decreasing to 1.23 from 1.32 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 5.14 percent from 5.17 percent one week earlier, with points decreasing to 1.20 from 1.31 (including the origination fee) for 80 percent LTV loans.

Source: MBA



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