Washington, DC, June 6, 2007--The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending June 1, 2007. This week’s results include an adjustment to account for the Memorial Day holiday. The Market Composite Index, a measure of mortgage loan application volume, was 625.3, a decrease of 1.7 percent on a seasonally adjusted basis from 636.4 one week earlier.
On an unadjusted basis, the Index decreased 12 percent compared with the previous week and was up 16.5 percent compared with the same week one year earlier.
The Refinance Index decreased 6.3 percent to 1757.1 from 1874.6 the previous week and the seasonally adjusted Purchase Index increased 1.5 percent to 433.6 from 427 one week earlier. The seasonally adjusted Conventional Index decreased 1.5 percent to 920.6 from 934.8 the previous week, and the seasonally adjusted Government Index decreased 4.3 percent to 132.8 from 138.7 the previous week.
The four week moving average for the seasonally adjusted Market Index is down 2.1 percent to 655.8 from 669.7. The four week moving average is down 0.3 percent to 432.8 from 433.9 for the Purchase Index, while this average is down 4.3 percent to 1975.5 from 2065 for the Refinance Index.
The refinance share of mortgage activity decreased to 38 percent of total applications from 39.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 17.8 from 17.7 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.35 percent from 6.32 percent, with points increasing to 1.5 from 1.41 (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 6.13 from 6.05 percent, with points decreasing to 1.2 from 1.27 (including the origination fee) for 80 percent LTV loans.
