Refinance Application Volume Increases Again


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 - Send email regarding article.


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