Mortgage Applications Increase in Latest MBA Weekly Survey

---

(News Source: Mortgage Bankers Association)

(WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 3, 2009.  The Market Composite Index, a measure of mortgage loan application volume, was 1250.6, an increase of 4.7 percent on a seasonally adjusted basis from 1194.4 one week earlier.  On an unadjusted basis, the Index increased 4.9 percent compared with the previous week and 67.6 percent compared with the same week one year earlier.
 
The Refinance Index increased 3.2 percent to 6813.5 from 6600.1 the previous week and the seasonally adjusted Purchase Index increased 11.1 percent to 297.7 from 268.0 one week earlier.  The Conventional Purchase Index increased 7.7 percent while the Government Purchase Index (largely FHA) increased 17.1 percent.
 
The four week moving average for the seasonally adjusted Market Index is up 13.3 percent.  The four week moving average is up 4.2 percent for the seasonally adjusted Purchase Index, while this average is up 16.0 percent for the Refinance Index.
 
The refinance share of mortgage activity decreased to 77.9 percent of total applications from 79.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 1.5 percent of total applications from the previous week.
 
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.73 percent from 4.61 percent, with points remaining unchanged at 1.03 (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 4.49 percent from 4.45 percent, with points decreasing to 0.93 from 1.04 (including the origination fee) for 80 percent LTV loans.
 
The average contract interest rate for one-year ARMs increased to 6.23 percent from 6.20 percent; with points remaining unchanged at 0.14 (including the origination fee) for 80 percent LTV loans.

---