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Mortgage Application Volume Declines in Latest MBA Survey

July 19, 2006

The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending July 14 found taht the Market Composite Index, a measure of mortgage loan application volume, was 540.8, a decrease of 4.6 percent on a seasonally adjusted basis from 566.8 one week earlier. On an unadjusted basis, the Index increased 36.4 percent compared with the previous week but was down 31.3 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 6.2 percent to 398.5 from 425.0 the previous week and the Refinance Index decreased by 1.6 percent to 1377.6 from 1400.5 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 4.7 percent to 798.2 from 837.3 the previous week, and the Government Index, which decreased 3.5 percent to 111.7 from 115.8 the previous week. The four week moving average for the seasonally-adjusted Market Index is down 1.2 percent to 549.6 from 556.3. The four week moving average is down 1.0 percent to 406.7 from 410.8 for the Purchase Index, while this average is down 1.6 percent to 1389.5 from 1411.6 for the Refinance Index.

The refinance share of mortgage activity increased to 35.0 percent of total applications from 34.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 29.0 percent of total applications from 28.7 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.73 percent from 6.81 percent, with points increasing to 1.13 from 1.06 (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 6.38 percent from 6.40 percent, with points decreasing to 1.02 from 1.17 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.28 percent from 6.41 percent, with points increasing to 0.85 from 0.78 (including the origination fee) for 80 percent LTV loans. This is the highest that the one year rate has been since February 2001.

Source: MBA



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