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Mortgage Application Volume Down In Latest MBA Survey

May 10, 2006

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending May 5 found that the Market Composite Index, a measure of mortgage loan application volume, was 562.1, a decrease of 5.8 percent on a seasonally adjusted basis from 596.8 one week earlier. On an unadjusted basis, the Index decreased 5.2 percent compared with the previous week and was down 27.1 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 3.9 percent to 416.5 from 433.3 the previous week whereas the Refinance Index decreased by 8.8 percent to 1427.4 from 1565.6 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 5.1 percent to 828.8 from 873.5 the previous week, and the Government Index, which decreased 13.3 percent to 117.5 from 135.5 the previous week. The four week moving average for the seasonally-adjusted Market Index is down 0.8 percent to 569.3 from 573.6. The four week moving average is down 0.1 percent to 411.7 from 412.0 for the Purchase Index, while this average is down 1.7 percent to 1502.1 from 1528.4 for the Refinance Index.

The refinance share of mortgage activity decreased to 33.8 percent of total applications from 35.2 percent the previous week, which is the lowest share since June 25, 2004. The adjustable-rate mortgage (ARM) share of activity increased to 28.5 percent of total applications from 28.3 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.61 percent from 6.57 percent, with points decreasing to 1.14 from 1.18 (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 6.20 percent from 6.19 percent, with points increasing to 1.23 from 1.18 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.04 percent from 6.08 percent, with points increasing to 0.86 from 0.85 (including the origination fee) for 80 percent LTV loans.

Source: MBA

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