Mortgage Applications Decrease In Latest MBA Survey

rtgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending June 18, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 5.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6% compared with the previous week. The Refinance Index decreased 7.3% from the previous week, and the seasonally adjusted Purchase Index decreased 1.2% from one week earlier. The unadjusted Purchase Index decreased 2.3% compared with the previous week and was 36.8% lower than the same week one year ago. The decline in total purchase applications was driven by a 4.4% decrease in government applications, while conventional purchase applications increased by 1%. The refinance share of mortgage activity decreased to 73.8% of total applications from 74.8% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.9% from 5.2% of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.75% from 4.82%, with points increasing to 1.07 from 0.89 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. This is the lowest 30-year contract rate observed in the survey since the week ending May 15, 2009, the MBA says. SOURCE: [link=]Mortgage Bankers Association


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