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Mortgage Application Volume Up While Refinance Share Drops In MBA Latest Survey

April 5, 2006

WASHINGTON, D.C. - The Mortgage Bankers Association (MBA) Weekly Mortgage pplications Survey for the week ending March 31 found the Market Composite Index, a measure of mortgage loan application volume, was 612.8, an increase of 7.2 percent on a seasonally adjusted basis from 571.7 one week earlier. On an unadjusted basis, the Index increased 7.2 percent compared with the previous week but was down 4.6 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 8.4 percent to 438.2 from 404.1 the previous week whereas the Refinance Index increased by 5.3 percent to 1640.8 from 1558.4 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which increased 6.9 percent to 900.3 from 842.4 the previous week, and the Government Index, which increased 10.9 percent to 133.6 from 120.5 the previous week.

The four week moving average for the seasonally-adjusted Market Index is up 1.6 percent to 581.0 from 571.7. The four week moving average is up 2.5 percent to 409.7 from 399.9 for the Purchase Index while this average is up to 1589.3 from 1582.7 for the Refinance Index.

The refinance share of mortgage activity decreased to 36.6 percent of total applications from 37.3 percent the previous week. This is the lowest refinance share since 7/30/2004 when 35.8 percent of applications where for refinancing. The adjustable-rate mortgage (ARM) share of activity decreased to 28.5 percent of total applications from 28.7 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.49 percent from 6.36 percent , with points increasing to 1.13 from 1.02 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.15 percent from 6.00 percent , with points remaining at 1.12 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 5.96 percent from 5.83 percent , with points decreasing to 0.84 from 0.88 (including the origination fee) for 80 percent LTV loans.

Source: MBA

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