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The Mortgage Bankers Association (MBA) today
released its Weekly Mortgage Applications Survey
for the week ending August 10, 2007. The
Market Composite Index, a measure of mortgage loan
application volume, was 678.7, an increase of 3.4
percent on a seasonally adjusted basis from 656.5
one week earlier. On an unadjusted basis,
the Index increased 2.7 percent compared with the
previous week and was up 20.6 percent compared
with the same week one year earlier.
The Refinance Index increased 2.6 percent to
1929.6 from 1881.1 the previous week and the
seasonally adjusted Purchase Index increased 3.9
percent to 464.9 from 447.4 one week earlier.
On an unadjusted basis, the Purchase Index
increased 2.8 percent to 500.4 from 486.9 the
previous week. The seasonally adjusted
Conventional Index increased 3.1 percent to 987.9
from 958.5 the previous week, and the seasonally
adjusted Government Index increased 6.7 percent to
163.2 from 152.9 the previous week.
“Recent upheavals in the mortgage industry
may be temporarily increasing the level of retail
application activity at the large lenders that
participate in the MBA survey rather than
representing a system-wide increase,” said Doug
Duncan, MBA’s Chief Economist and Senior Vice
President of Research and Business Development.
The four week moving average for the seasonally
adjusted Market Index is up 1.9 percent to 637.8
from 626.0. The four week moving average is
up 1.1 percent to 438.3 from 433.7 for the
Purchase Index, while this average is up 3.0
percent to 1806.9 from 1753.9 for the Refinance
Index.
The refinance share of mortgage activity
remained unchanged at 39.9 percent of total
applications. The adjustable-rate mortgage (ARM)
share of activity decreased to 21.0 from 22.5
percent of total applications from the previous
week.
The average contract interest rate for 30-year
fixed-rate mortgages increased to 6.45 percent
from 6.41 percent, with points decreasing
to 1.54 from 1.62 (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 6.19 from 6.16
percent, with points decreasing to 1.16
from 1.18 (including the origination fee) for 80
percent LTV loans.
The average contract interest rate for one-year
ARMs increased to 5.81 from 5.69 percent,
with points increasing to 1.11 from 1.09
(including the origination fee) for 80 percent LTV
loans.
Newsletter information courtesy of MBA
The purpose of this
newsletter is not to give advice. The purpose is
to stimulate thought for our clients and
professionals within our network.
If you are a professional receiving this
newsletter or know of one, please contact our
office to introduce yourself and your services to
us. We are always seeking to grow our referral
network and expose professional services to our
client base.
The loan professional that has made this
information available specializes in equity
repositioning solutions for those buying, selling
or refinancing real estate.
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