Press Release - Weekly Application Survey


Title: Mortgage Applications Decrease In Latest MBA Weekly Survey
Source:   MBA
Date: 4/2/2008

WASHINGTON, D.C. (April 2, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 28, 2008.  The Market Composite Index, a measure of mortgage loan application volume, was 688.3, a decrease of 28.7 percent on a seasonally adjusted basis from 965.9 one week earlier.  On an unadjusted basis, the Index decreased 28.1 percent compared with the previous week and was up 4.8 percent compared with the same week one year earlier.

The Refinance Index decreased 38.1 percent to 2636.0 from 4255.2 the previous week and the seasonally adjusted Purchase Index decreased 11.8 percent to 356.0 from 403.7 one week earlier.  The Conventional Purchase Index decreased 11.8 percent while the Government Purchase Index (largely FHA) decreased 11.8. On an unadjusted basis, the Purchase Index decreased 11.8 percent to 396.2 from 449.2 the previous week.  The seasonally adjusted Conventional Index decreased 31.2 percent to 901.8 from 1310.4 the previous week, and the seasonally adjusted Government Index decreased 15.1 percent to 332.4 from 391.7 the previous week.
 
The four week moving average for the seasonally adjusted Market Index is up 0.11 percent to 744.5 from 743.6.  The four week moving average is down 0.47 percent to 373.4 from 375.2 for the Purchase Index, while this average is up 0.58 percent to 2918.7 from 2901.9 for the Refinance Index.

The refinance share of mortgage activity decreased to 53.4 percent of total applications from 62.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.4 from 3.8 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.75 percent from 5.74 percent, with points increasing to 1.19 from 1.13 (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 5.27 percent from 5.23 percent, with points decreasing to 1.13 from 1.15 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 7.0 percent from 7.02 percent, with points decreasing to 1.39 from 1.72 (including the origination fee) for 80 percent LTV loans.

**SPECIAL NOTES**

The survey covers approximately 50 percent of all U.S. retail residential mortgage applications, 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.

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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 2,200 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.mba.org.