Mortgage Application Volume Down Last Week


June 23, 2005 WASHINGTON -- On Wednesday the Mortgage Bankers Association divulged data from its Weekly Mortgage Applications Survey for week ending June 17. Overall home loan applicant volume saw a decrease last week of 11.3% when calculated using a seasonally adjustment. The previous week's tally was 887.0.

The MBA's home purchase index dropped by 9.4% to reach the 479.4 level. This figure is down overall from 529.3 measured the prior week. The refinancing index saw a more substantive drop of 13.2%, landing it at 2575.0 comparatively to 2967.4 one week prior.

After a surge two weeks ago, the home refinance portion of overall mortgage application activity decreased to 45.6%, down from 46.4 percent one week earlier. ARMs decreased to 30.7% of application activity from 30.9% reported by the MBA last week.

National averages for discount points on 30-year fixed interest rates dropped from 1.125 points to 1.17 for 80 percent LTV home loans. Average points for 15-year fixed conventional loans decreased to 1.20 from 1.32 for the same LTV. - Column by Nolan Voight for CMR Original News.


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