Purchase Applications Rise, Refinance Applications Decline in Latest MBA Survey
|April 11, 2007|
The latest Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending April 6, 2007 found that purchase application rose while refincaning activity declined. The Market Composite Index, a measure of mortgage loan application volume, was 646.6, a decrease of 0.4 percent on a seasonally adjusted basis from 649.5 one week earlier. On an unadjusted basis, the Index decreased 0.1 percent compared with the previous week and was up 10.8 percent compared with the same week one year earlier.
The Refinance Index decreased 4 percent to 2015 from 2098.3 the previous week and the seasonally adjusted Purchase Index increased 2.7 percent to 413.8 from 402.9 one week earlier. The seasonally adjusted Conventional Index decreased 0.3 percent to 953.5 from 956.4 the previous week, and the seasonally adjusted Government Index decreased 2.1 percent to 134.8 from 137.7 the previous week.
The four week moving average for the seasonally adjusted Market Index is down 1.6 percent to 659.8 from 670.8. The four week moving average decreased slightly to 409.6 from 409.7 for the Purchase Index, while this average is down 3.4 percent to 2129.9 from 2204.2 for the Refinance Index.
The refinance share of mortgage activity decreased to 42.8 percent of total applications from 44.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 18.7 from 19.2 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.16 percent from 6.13 percent, with points increasing to 1.39 from 1.25 (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 5.91 from 5.85 percent, with points increasing to 1.15 from 1.09 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.88 from 5.87 percent, with points increasing to 0.75 from 0.72 (including the origination fee) for 80 percent LTV loans.