MBA: Lowest Refinance Share In Applications Since Last November

rtgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending June 5, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 611.0, a decrease of 7.2% on a seasonally adjusted basis from 658.7 one week earlier. On an unadjusted basis, the index increased 15.7% compared with the previous week and increased 7.6% compared with the same week one year earlier. The Refinance Index decreased 11.8% to 2605.7 from 2953.6 the previous week, and the seasonally adjusted Purchase Index increased 1.1% to 270.7 from 267.7 one week earlier. The four-week moving average for the seasonally adjusted Market Index is down 8.7%. The four-week moving average is up 0.5% for the Purchase Index, while this average is down 12.2% for the Refinance Index. The refinance share of mortgage activity decreased to 59.4% of total applications from 62.4% the previous week. This is the lowest the refinance share has been since November 2008. The adjustable-rate mortgage share of activity increased to 3.4% from 3% of total applications the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.57% from 5.25%, with points increasing to 1.09 from 1.02 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.10% from 4.80%, with points decreasing to 1.04 from 1.10 (including the origination fee) for 80% LTV loans. SOUR

LEAVE A REPLY

Please enter your comment!
Please enter your name here