Posted on 11/19/2003 6:05:18 AM PST by Starwind
WASHIGNTON, D.C. (November 19, 2003) - The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 14. The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications for purchases and refinancings - increased by 5.9 percent to 663.2 on a seasonally adjusted basis from 626.0 one week earlier. On an unadjusted basis, the Index decreased by 6.6 percent compared with last week and was down 51.9 percent compared with the same week one year earlier.
The MBA seasonally adjusted Purchase Index increased by 13.5 percent to 425.9 from 375.4 the previous week. The seasonally adjusted Refinance Index decreased by 1.9 percent to 2043.9 from 2084.2 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which increased 4.7 percent to 925.0 from 883.1 the previous week. The Government Index increased 14.9 percent to 226.2 from 196.9 the previous week.
"The ARM share has risen to its highest level in over 3.5 years," said Jay Brinkmann, MBA's Vice President of Research and Economics. "Last week, applications for adjustable rate mortgages comprised 27.5 percent of total applications and 39.9 percent of the dollar volume."
The refinance share of mortgage activity decreased to 48.1 percent of total applications, from 50.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 27.5 percent from 26.6 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.64 percent from 5.94 percent one week earlier, with points increasing to 1.54 from 1.39 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 decreased to 4.95 percent from 5.28 percent one week earlier , with points decreasing to 1.41 from 1.45 the previous week (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 3.49 percent from 3.63 percent one week earlier, with points decreasing to 1.05 from 1.11 the previous week (including the origination fee) for 80 percent LTV loans.
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