Purchase Applications Increase and Refinance Applications Decrease in Latest MBA Survey
|May 2, 2007|
MBA 's Weekly Mortgage Applications Survey for the week ending April 27, 2007 found a mixed picture of the mortgage market. The Market Composite Index, a measure of mortgage loan application volume, was 657.2, an increase of 0.6 percent on a seasonally adjusted basis from 653.3 one week earlier. On an unadjusted basis, the Index increased 1.4 percent compared with the previous week and was up 9.4 percent compared with the same week one year earlier.
The Refinance Index decreased 3.2 percent to 2015.8 from 2081.6 the previous week and the seasonally adjusted Purchase Index increased 4 percent to 427.3 from 411 one week earlier. The seasonally adjusted Conventional Index increased 0.9 percent to 972.3 from 964.1 the previous week, and the seasonally adjusted Government Index decreased 2.4 percent to 131.8 from 135.1 the previous week.
The four week moving average for the seasonally adjusted Market Index is up 0.3 percent to 646.9 from 645. The four week moving average is up 1.5 percent to 412.2 from 406 for the Purchase Index, while this average is down 1 percent to 2030.2 from 2050.8 for the Refinance Index.
The refinance share of mortgage activity decreased to 41.5 percent of total applications from 43.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 17.9 from 18.3 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.14 percent from 6.13 percent, with points decreasing to 1.31 from 1.32 (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 5.83 from 5.82 percent, with points decreasing to 1.25 from 1.27 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs remained unchanged at 5.79 percent, with points unchanged at 0.73 (including the origination fee) for 80 percent LTV loans.