|Title: ||Mortgage Applications Increase in Latest MBA Weekly Survey|
WASHINGTON, D.C. (February 4, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January
30, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 795.4, an increase of 8.6 percent
on a seasonally adjusted basis from 732.1 one week earlier. On an unadjusted basis, the Index increased 28.1 percent compared
with the previous week and decreased 26.9 percent compared with the same week one year earlier.
The Refinance Index increased 15.8 percent to 3906.3 from 3373.9 the previous week and the seasonally adjusted Purchase Index
decreased 11.2 percent to 261.4 from 294.3 one week earlier. The seasonally adjusted Conventional Purchase Index decreased
11.3 percent while the Government Purchase Index (largely FHA) decreased 10.9 percent.
The four week moving average for the seasonally adjusted Market Index is down 9.2 percent. The four week moving average is
down 4.7 percent for the seasonally adjusted Purchase Index, while this average is down 10.7 percent for the Refinance Index.
The refinance share of mortgage activity increased to 73.2 percent of total applications from 72.8 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 2.1 percent from 2.4 percent of total applications from
the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.28 percent from 5.22 percent, with points increasing to 1.12 from 1.05 (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 5.15 percent from 4.98 percent, with points increasing to 1.21 from 1.13 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.09 percent from 5.96 percent, with points increasing to 0.07 from 0.06 (including the origination fee) for 80 percent LTV loans.
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.
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.