MBA's Mortgage Applications Index Declined 2.1% Last Week
|February 13, 2008|
Weekly Mortgage Applications Survey for the week ending February 8, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1063.5, a decrease of 2.1 percent on a seasonally adjusted basis from 1086.6 one week earlier. On an unadjusted basis, the Index decreased 0.4 percent compared with the previous week and was up 65 percent compared with the same week one year earlier.
The Refinance Index decreased 3.0 percent to 4901.5 from 5054.0 the previous week and the seasonally adjusted Purchase Index decreased 0.3 percent to 403.9 from 405.3 one week earlier. The Conventional Purchase Index increased 0.3 percent while the Government Purchase Index (largely FHA) decreased 3.5 percent. On an unadjusted basis, the Purchase Index increased 5.4 percent to 407.4 from 386.5 the previous week. The seasonally adjusted Conventional Index decreased 1.9 percent to 1522.6 from 1552.6 the previous week, and the seasonally adjusted Government Index decreased 3.7 percent to 297.9 from 309.5 the previous week. The four week moving average for the seasonally adjusted Market Index is up 3.9 percent to 1046.6 from 1007.4. The four week moving average is down 3.4 percent to 402.8 from 417.1 for the Purchase Index, while this average is up 7.4 percent to 4809.3 from 4477.8 for the Refinance Index.
The refinance share of mortgage activity decreased to 67.4 percent of total applications from 69.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.9 from 8.8 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72 percent from 5.61 percent, with points increasing to 1.15 from 0.98 (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 5.18 percent from 5.09 percent, with points increasing to 1.08 from 0.92 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.72 percent from 5.62 percent, with points decreasing to 0.90 from 0.97 (including the origination fee) for 80 percent LTV loans.