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Purchase Application Volume Rising to Offset Recent Decline in Refinance Applications
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WASHINGTON DC - The weekly Mortgage
Applications Survey for week ending March 04 was released today by the
Mortgage Bankers Association (MBA) . The Market Composite Index - was
704.8. The index is a measure of mortgage loan application volume
internet and internally nationwide. The index shows a decrease of 0.7
percent on a seasonally adjusted basis from 710.1 just one week prior.
This figure was down 19.7 percent when compared with the same week one
year ago.
The MBA seasonally adjusted Purchase
Index increased by 2.7 percent to 451.7 from 440.0 the previous week.
The seasonally adjusted Refinance Index decreased by 4.6 percent to
2176.8 from 2281.1 one week earlier.
Other seasonally adjusted index activity
included the Conventional Index, which decreased 0.7 percent to 1050.9
from 1058.2 the previous week. The Government Index decreased 1.4
percent to 127.3 from 129.1 the previous week.
The refinance share of mortgage activity
decreased to 42.6 percent of total applications from 44.8 percent the
previous week. The adjustable-rate mortgage (ARM) share of activity
decreased to 30.5 percent of total applications from 30.7 percent the
previous week.
The average contract interest rate for
30-year fixed-rate mortgages decreased to 5.69 percent from 5.74 percent
one week earlier, with points increasing to 1.23 from 1.19 the previous
week (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 5.25 percent from 5.27 percent
one week earlier, with points decreasing to 1.22 from 1.27 (including
the origination fee) for 80 percent LTV loans.
The average contract interest rate for
one-year ARMs increased to 4.43 percent from 4.27 percent one week
earlier, with points decreasing to 0.95 from 1.02 (including the
origination fee) for 80 percent LTV loans.
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