Mortgage Applications Increase in Latest MBA Weekly Survey
WASHINGTON, D.C. (July 22, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 17, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 528.9, an increase of 2.8 percent on a seasonally adjusted basis from 514.4 one week earlier. On an unadjusted basis, the Index increased 2.9 percent compared with the previous week and increased 6.6 percent compared with the same week one year earlier.
The Refinance Index increased 4.0 percent to 2089.7 from 2009.4 the previous week and the seasonally adjusted Purchase Index increased 1.3 percent to 262.1 from 258.8 one week earlier.
The four week moving average for the seasonally adjusted Market Index is down 1.0 percent. The four week moving average is down 1.7 percent for the Purchase Index, while this average is down 0.4 percent for the Refinance Index.
The refinance share of mortgage activity increased to 55.5 percent of total applications from 54.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.8 percent from 5.0 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.31 percent from 5.05 percent, with points increasing to 1.18 from 1.12 (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 4.80 percent from 4.59 percent, with points decreasing to 1.03 from 1.07 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.50 percent from 6.47 percent, with points remaining unchanged at 0.11 (including the origination fee) for 80 percent LTV loans.