May 3, 2005 LOS ANGELES --
The numbers have gone up again regarding
mortgage application submission volume across the U.S. according to the latest
report by the MBA (Mortgage Bankers Association). On April 27th they released
the Weekly Mortgage Applications Survey for week ending April 22. The Market
Composite Index, which is a measure of loan
application volume for mortgages was
712.4. This indicates an increase of 5.9 percent on a seasonally adjusted basis
from 672.6 one week prior.
Refinance application</a> activity appears to be at the highest
level since March 11 of 2005. By way of comparison, refinance
application volume
is down 14.6 percent from one year ago.
Mortgage application activity in the area of
refinancing
jumped to 39.3 percent of all total volume from 38.0 percent the previous week.
ARM (adjustable-rate mortgage) share of activity took a dive to 34.7 percent of
total application. This number is down from 35.4 percent the prior week.
The average contract interest rate for
30-year fixed-rate
mortgages lowered to 5.75. One week earlier the percentage was 5.83 percent.
Average contract interest rate for
15-year fixed mortgages
lowered a bit to 5.33 percent. The prior week showed 5.40 percent.
The average contract interest rate for one-year
ARMs decreased
to 4.15 percent from 4.22 percent one week earlier. - By Stockton Marquette, Mortgage
Industry Analyst -
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