REFIs, FHA Lead Increase In Latest MBA Weekly Survey
Apr 16, 2008
WASHINGTON, D.C. (April 16, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 11, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 743.4, an increase of 2.5 percent on a seasonally adjusted basis from 725.6 one week earlier.
On an unadjusted basis, the Index increased 2.7 percent compared with the previous week and was up 16.4 percent compared with the same week one year earlier.
The Refinance Index increased 5.2 percent to 2866.0 from 2724.7 the previous week and the seasonally adjusted Purchase Index decreased 0.8 percent to 381.6 from 384.7 one week earlier. The Conventional Purchase Index decreased 2.1 percent while the Government Purchase Index (largely FHA) increased 3.5 percent.
The four week moving average for the seasonally adjusted Market Index is up 3 percent to 780.8 from 758.0. The four week moving average is up 1.1 percent to 381.5 from 377.4 for the Purchase Index, while this average is up 4.4 percent to 3120.5 from 2987.8 for the Refinance Index.
The refinance share of mortgage activity increased to 53.5 percent of total applications from 52.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.0 from 6.5 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.74 percent from 5.78 percent, with points decreasing to 1.05 from 1.11 (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 5.27 percent from 5.39 percent, with points increasing to 1.19 from 1.11 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 7.02 percent from 7.06 percent, with points decreasing to 1.28 from 1.46 (including the origination fee) for 80 percent LTV loans.
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