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Purchase Applications Up in Latest Survey
Wednesday, February 06, 2008 - Mortgage Bankers Association
WASHINGTON, D.C. - The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending February 1, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 1086.6, an increase of 3.0 percent on a seasonally adjusted basis from 1054.9 one week earlier. On an unadjusted basis, the Index increased 4.4 percent compared with the previous week and was up 73.2 percent compared with the same week one year earlier.
The Refinance Index decreased 1.0 percent to 5054.0 from 5103.6 the previous week and the seasonally adjusted Purchase Index increased 12.0 percent to 405.3 from 362.0 one week earlier. The Conventional Purchase Index increased 10.4 percent while the Government Purchase Index (largely FHA) increased 20.9 percent. On an unadjusted basis, the Purchase Index increased 19.1 percent to 386.5 from 324.4 the previous week. The seasonally adjusted Conventional Index increased 1.0 percent to 1552.6 from 1537.6 the previous week, and the seasonally adjusted Government Index increased 23.7 percent to 309.5 from 250.2 the previous week.
The four week moving average for the seasonally adjusted Market Index is up 10.4 percent to 1007.4 from 912.2. The four week moving average is down 0.5 percent to 417.1 from 419.3 for the Purchase Index, while this average is up 16.7 percent to 4477.8 from 3837.9 for the Refinance Index.
The refinance share of mortgage activity decreased to 69.2 percent of total applications from 73.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.8 from 8.6 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.61 percent from 5.60 percent, with points decreasing to 0.98 from 1.06 (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 5.09 percent from 5.04 percent, with points decreasing to 0.92 from 1.12 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.62 percent from 5.70 percent, with points remaining unchanged at 0.97 (including the origination fee) for 80 percent LTV loans.