Mortgage Applications Increase in Latest MBA Weekly Survey

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(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 17, 2009.  The Market Composite Index, a measure of mortgage loan application volume, was 1172.2, an increase of 5.3 percent on a seasonally adjusted basis from 1113.2 one week earlier.  On an unadjusted basis, the Index increased 5.3 percent compared with the previous week and increased 76.9 percent compared with the same week one year earlier.

The Refinance Index increased 7.7 percent to 6540.7 from 6071.7 the previous week, while the seasonally adjusted Purchase Index decreased 4.2 percent to 253.0 from 264.1 one week earlier.  The seasonally adjusted Conventional Purchase Index decreased 4.6 percent while the seasonally adjusted Government Purchase Index (largely FHA) decreased 3.6 percent.

The four week moving average for the seasonally adjusted Market Index is up 0.3 percent.  The four week moving average is down 1.3 percent for the seasonally adjusted Purchase Index, while this average is up 0.7 percent for the Refinance Index.

The refinance share of mortgage activity increased to 79.7 percent of total applications from 77.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 1.4 percent from 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 4.70 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 remained unchanged at 4.46 percent, with points increasing to 1.18 from 1.04 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.19 percent from 6.21 percent, with points decreasing to 0.14 from 0.15 (including the origination fee) for 80 percent LTV loans.

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