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Mortgage Application Volume Falls 7.8 Percent

May 21, 2008

Mortgage application volume fell 7.8 percent during the week ending May 16, according to the trade group Mortgage Bankers Association's weekly application survey.

The Market Composite Index, a measure of mortgage loan application volume, was 621.6, a decrease of 7.8 percent on a seasonally adjusted basis from 674.4 one week earlier.

The Refinance Index decreased 8.7 percent to 2210.5 from 2422.1 the previous week and the seasonally adjusted Purchase Index decreased 6.9 percent to 352.5 from 378.5 one week earlier. The Conventional Purchase Index decreased 6.8 percent while the Government Purchase Index (largely FHA) decreased 7.0 percent. The four week moving average for the seasonally adjusted Market Index is down 0.6 percent to 629.6 from 633.6. The four week moving average is down 0.3 percent to 363.1 from 364.3 for the Purchase Index, while this average is down 0.9 percent to 2202.9 from 2221.8 for the Refinance Index.

The refinance share of mortgage activity decreased to 48.2 percent of total applications from 48.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 10.0 from 8.3 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.9 percent from 5.82 percent, with points decreasing to 1.12 from 1.23 (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 5.42 percent from 5.38 percent, with points increasing to 1.14 from 1.09 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 6.71 percent from 6.60 percent, with points increasing to 1.35 from 1.31 (including the origination fee) for 80 percent LTV loans.

Source: MBA



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