Washington, DC, March 14, 2007--The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 9, 2007. The Market Composite Index, a measure of mortgage loan application volume, was 690.5, an increase of 2.8 percent on a seasonally adjusted basis from 671.6 one week earlier.
On an unadjusted basis, the Index increased 3.2 percent compared with the previous week and was up 19.1 percent compared with the same week one year earlier.
The Refinance Index increased 3.5 percent to 2312.2 from 2234.2 the previous week and the seasonally adjusted Purchase Index increased 2.2 percent to 414.3 from 405.3 one week earlier. The seasonally adjusted Conventional Index increased 2.6 percent to 1026.3 from 1000.4 the previous week, and the seasonally adjusted Government Index increased 5.6 percent to 130.4 from 123.5 the previous week.
The four week moving average for the seasonally adjusted Market Index is up 2 percent to 648.7 from 636. The four week moving average is up 0.9 percent to 400.6 from 397.2 for the Purchase Index, while this average is up 3.4 percent to 2102.8 from 2032.6 for the Refinance Index.
The refinance share of mortgage activity increased to 46.2 percent of total applications from 46.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 21.9 from 21.4 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.03 percent from 6.04 percent, with points increasing to 1.38 from 1.27 (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 5.78 from 5.73 percent, with points decreasing to 1.22 from 1.24 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.86 from 5.79 percent, with points decreasing to 0.76 from 0.8 (including the origination fee) for 80 percent LTV loans.
