Mortgage Applications Decrease in Latest MBA Weekly Survey
|July 25, 2007|
The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey found applications declined for the week ending July 20, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 609.0, a decrease of 3.6 percent on a seasonally adjusted basis from 631.6 one week earlier. On an unadjusted basis, the Index decreased 3.5 percent compared with the previous week and was up 13.1 percent compared with the same week one year earlier.
The Refinance Index decreased 1.4 percent to 1692.9 from 1717.4 the previous week and the seasonally adjusted Purchase Index decreased 5.0 percent to 424.2 from 446.5 one week earlier. The seasonally adjusted Conventional Index decreased 3.8 percent to 892.1 from 927.2 the previous week, and the seasonally adjusted Government Index decreased 1.2 percent to 136.9 from 138.6 the previous week.
The four week moving average for the seasonally adjusted Market Index is down 0.4 percent to 621.6 from 624.0. The four week moving average is down 0.3 percent to 440.5 from 441.6 for the Purchase Index, while this average is down 0.6 percent to 1683.6 from 1693.3 for the Refinance Index.
The refinance share of mortgage activity increased to 38.5 percent of total applications from 37.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 21.0 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.59 percent from 6.61 percent, with points decreasing to 1.55 from 1.6 (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 6.24 from 6.29 percent, with points increasing to 1.43 from 1.33 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.62 from 5.60 percent, with points increasing to 1.13 from 1.11 (including the origination fee) for 80 percent LTV loans.