Mortgage Applications Increase In Latest MBA Weekly Survey
|September 19, 2007|
The Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending September 14, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 673.2, an increase of 2.4 percent on a seasonally adjusted basis from 657.4 one week earlier, which was a holiday shortened week. On an unadjusted basis, the Index increased 26.6 percent compared with the previous week and was up 12.8 percent compared with the same week one year earlier.
The seasonally adjusted Refinance Index increased 4.6 percent to 1962.0 from 1876.6 the previous week and the seasonally adjusted Purchase Index increased 0.9 percent to 452.0 from 448.0 one week earlier. On an unadjusted basis, the Purchase Index increased 23.7 percent to 438.9 from 354.9 the previous week. The seasonally adjusted Conventional Index increased 2.4 percent to 968.2 from 945.6 the previous week, and the seasonally adjusted Government Index increased 2.4 percent to 181.2 from 176.9 the previous week.
The four week moving average for the seasonally adjusted Market Index is up 1.3 percent to 642.2 from 634.2. The four week moving average is up 0.6 percent to 437.4 from 434.8 for the Purchase Index, while this average is up 2.2 percent to 1834.6 from 1795.7 for the Refinance Index.
The refinance share of mortgage activity increased to 43.5 percent of total applications from 42.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 12.6 from 13.2 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.29 percent from 6.25 percent, with points increasing to 1.02 from 1.00 (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 5.99 from 5.90 percent, with points increasing to 1.09 from 1.03 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.39 from 6.34 percent, with points increasing to 0.95 from 0.93 (including the origination fee) for 80 percent LTV loans.