WASHINGTON, D.C. (November 13, 2003) - The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 7. The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-decreased by 8.6 percent to 626.0 on a seasonally adjusted basis from 685.2 one week earlier. On an unadjusted basis, the Index decreased by 9.8 percent compared with last week and was down 38.1 percent compared with the same week one year earlier.
The MBA seasonally adjusted Purchase Index decreased by 7.1 percent to 375.4 from 404.3 the previous week. The seasonally adjusted Refinance Index decreased by 10.1 percent to 2084.2 from 2319.4 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased 7.8 percent to 883.1 from 957.8 the previous week. The Government Index decreased 14.5 percent to 196.9 from 230.3 the previous week.
The refinance share of mortgage activity decreased to 50.9 percent of total applications, from 51.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 26.6 percent from 25.4 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.94 percent from 5.85 percent one week earlier, with points decreasing to 1.39 from 1.47 the previous week (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 5.28 percent from 5.17 percent one week earlier, with points increasing to 1.45 from 1.40 the previous week (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 3.63 percent from 3.58 percent one week earlier, with points increasing to 1.11 from 1.10 the previous week (including the origination fee) for 80 percent LTV loans.