Key findings from the survey (unless otherwise noted, percentages are based on dollar volume of originated loans):

• For first mortgages, fixed-rate loans, including Interest Only (IO) loans, accounted for 53.4 percent of loans (67.4 percent based on number of loans) in the First Half of 2007 compared to 46.2 percent (60.5 percent based on number of loans) in the Second Half of 2006.
  
• IOs accounted for 31.1 percent of originations in the First Half of 2007 compared to 28.5 percent in the Second Half of 2006.  However, fixed rate IOs accounted for 32.5 percent of all IOs in the First Half of 2007 compared to 21.2 percent in the Second Half of 2006.
  
• First-time homebuyer purchases represented 26.9 percent of home purchases in the First Half of 2007, unchanged from 26.9 percent in the Second Half of 2006 .  Their average loan amount was $202,265, which was less than the average loan amount of $233,433 for non first-time homebuyers.
  
• Of the current period originations, 37.1 percent were for single-family attached homes, 58.5 percent for single-family detached homes, 0.7 percent for manufactured and mobile homes and 3.8 percent for 2-4 unit structures.  Approximately 54.3 percent of single-family attached home originations were for condos or cooperatives, with the remainder as other single-family attached properties such as townhouses, duplexes and row houses.
  
• From the Second Half of 2006 to the First Half of 2007, reverse mortgage dollar volume decreased 92.4 percent. FHA’s Home Equity Conversion Mortgages (HECMs) decreased by 92.4 percent and other reverse mortgages increased 13 percent, while the number of reverse mortgage loans decreased 93.1 percent.  This result was driven by a 92.4 percent decrease in smaller balance HECM loans which comprised 86.9 percent of the dollar volume of reverse mortgages and therefore the 13 percent increase in (typically) large dollar balance reverse mortgages did not have a discernible effect on the overall trend of reverse mortgage dollar volume.
  
• The percentage of second mortgage originations that were closed-end decreased to 27.2 percent of dollars and 35.8 percent of loans in the First Half of 2007 from 34.2 percent of dollars and 43.3 percent of loans in the Second Half of 2006. 

Survey participation included mortgage bankers, commercial banks and thrifts and many of the top HMDA originators. In the First Half of 2007, survey participants originated $521 billion in first mortgages and $135 billion in second mortgages. 

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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 2,400 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.