Washington, DC, January 31, 2007--The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 26.
The Market Composite Index, a measure of mortgage loan application volume, was 631.3, an increase of 3.2 percent on a seasonally adjusted basis from 611.3 one week earlier. On an unadjusted basis, the Index increased 5.9 percent compared with the previous week and was up 0.7 percent compared with the same week one year earlier.
The Refinance Index increased by 4.9 percent to 1940.2 from 1848.8 the previous week and the seasonally adjusted Purchase Index increased by 1.3 percent to 408.0 from 402.7 one week earlier. The seasonally adjusted Conventional Index increased by 3.0 percent to 937.9 from 910.9 the previous week, and the seasonally adjusted Government Index increased by 6.7 percent to 119.6 from 112.1 the previous week.
The four week moving average for the seasonally adjusted Market Index is up 2.2 percent to 645.2 from 631.3. The four week moving average is up 0.1 percent to 430.8 from 430.5 for the Purchase Index, while this average is up 4.0 percent to 1939.7 from 1864.7 for the Refinance Index.
The refinance share of mortgage activity decreased slightly to 47.4 percent of total applications from 47.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 21.4 from 20.3 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.29 from 6.22 percent, with points increasing to 1.07 from 0.97 (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 6.01 percent from 5.93 percent, with points increasing to 1.07 from 1.02 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.86 percent from 5.91, with points increasing to 0.83 from 0.81 (including the origination fee) for 80 percent LTV loans.
