Mortgage Applications Increase in Latest MBA Weekly Survey
The Refinance Index increased 7.2 percent from the previous week. The Index has climbed about 35 percent above its recent
low at the end of June. The seasonally adjusted Purchase Index increased 0.9 percent from one week earlier. The index has
experienced little change over the last three weeks, staying between 260 and 265.
The four week moving average for the seasonally adjusted Market Index is up 1.2 percent. The four week moving average is down 2.0 percent for the seasonally adjusted Purchase Index, while this average is up 3.8 percent for the Refinance Index.
The refinance share of mortgage activity increased to 54.2 percent of total applications from 52.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 5.4 percent from 5.5 percent of total applications the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.17 percent from 5.36 percent, with points increasing to 1.02 from 0.93 (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 4.60 percent from 4.75 percent, with points decreasing to 1.00 from 1.14 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.67 percent from 6.66 percent, with points remaining unchanged at 0.09 (including the origination fee) for 80 percent LTV loans.
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The survey covers over 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