Mortgage Applications Decrease in Latest MBA Weekly Survey

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(News Source: Mortgage Bankers Association)
 
(WASHINGTON, DC) -- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 12, 2009.  The Market Composite Index, a measure of mortgage loan application volume, was 514.4, a decrease of 15.8 percent on a seasonally adjusted basis from 611.0 one week earlier.  On an unadjusted basis, the Index decreased 15.8 percent compared with the previous week and increased 0.3 percent compared with the same week one year earlier.
 
The Refinance Index decreased 23.3 percent to 1998.1 from 2605.7 the previous week and the seasonally adjusted Purchase Index decreased 3.5 percent to 261.2 from 270.7 one week earlier.
 
The four week moving average for the seasonally adjusted Market Index is down 13.5 percent.  The four week moving average is up 0.7 percent for the seasonally adjusted Purchase Index, while this average is down 19.6 percent for the Refinance Index.
 
The refinance share of mortgage activity decreased to 54.1 percent of total applications from 59.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 4.3 percent from 3.4 percent of total applications from the previous week.
 
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.50 percent from 5.57 percent, with points decreasing to 0.89 from 1.09 (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 4.99 percent from 5.10 percent, with points decreasing to 0.99 from 1.04 (including the origination fee) for 80 percent LTV loans.
 
The average contract interest rate for one-year ARMs decreased to 6.54 percent from 6.75 percent, with points decreasing to 0.09 from 0.10 (including the origination fee) for 80 percent LTV loans.

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