|Title: ||Holiday-Adjusted Mortgage Applications Increase |
WASHINGTON, D.C. (September 12, 2007) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending September
7, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 657.4, an increase of 5.5 percent
on a seasonally adjusted basis from 622.9 one week earlier. The index includes an adjustment for the fact that banks were
closed on Labor Day last week. On an unadjusted basis, the Index decreased 16.7 percent compared with the previous week and
was up 0.1 percent compared with the same week one year earlier.
The Refinance Index, also adjusted for the Labor Day holiday, increased 6 percent to 1876.6 from 1770.2 the previous week
and the seasonally and holiday adjusted Purchase Index increased 5.2 percent to 448 from 425.8 one week earlier. On an unadjusted
basis, the Purchase Index decreased 17.7 percent to 354.9 from 431.1 the previous week. The seasonally adjusted Conventional
Index increased 5.9 percent to 945.6 from 893.1 the previous week, and the seasonally adjusted Government Index increased
2.7 percent to 176.9 from 172.3 the previous week.
The four week moving average for the seasonally adjusted Market Index is down 0.8 percent to 634.2 from 639.5. The four week
moving average is down 1 percent to 434.8 from 439.0 for the Purchase Index, while this average is down 0.7 percent to 1795.7
from 1808.9 for the Refinance Index.
The refinance share of mortgage activity increased to 42.1 percent of total applications from 41.4 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 13.2 from 12.6 percent of total applications from the previous
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.25 percent from 6.42 percent, with points decreasing to 1 from 1.09 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.9 from 6.10 percent, with points decreasing to 1.03 from 1.16 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.34 from 6.52 percent, with points remaining unchanged at 0.93 (including the origination fee) for 80 percent LTV loans.
The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly
since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is
March 16, 1990=100.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mortgagebankers.org.