U.S. MBA's Mortgage Applications Index Rose 1.5% Last Week
|November 26, 2008|
Mortgage applications registered a slight increase for the week ending November 21, 2008, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey.
The Market Composite Index, a measure of mortgage loan application volume, was 404.4, an increase of 1.5 percent on a seasonally adjusted basis from 398.6 one week earlier. On an unadjusted basis, the Index decreased 1.0 percent compared with the previous week and was down 21.9 percent compared with the same week one year earlier.
The Refinance Index decreased 2.1 percent to 1254.0 from the previous week and the seasonally adjusted Purchase Index increased 5.3 percent to 261.6 from one week earlier. The Conventional Purchase Index increased 3.8 percent while the Government Purchase Index (largely FHA) increased 8.5 percent. The four week moving average for the seasonally adjusted Market Index is down 4.3 percent. The four week moving average is down 3.8 percent for the Purchase Index, while this average is down 4.6 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 49.3 percent of total applications from 49.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 3.0 percent from 2.6 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.99 percent from 6.16 percent, with points decreasing to 1.23 from 1.24 (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 5.78 percent from 5.87 percent, with points increasing to 1.29 from 1.24 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.87 percent from 6.80 percent, with points increasing to 0.64 from 0.63 (including the origination fee) for 80 percent LTV loans.