Washington, DC, February 10, 2006--The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 3.
The Market Composite Index--a measure of mortgage loan application volume was 619.3--a decrease of 1.2 percent on a seasonally adjusted basis from 626.8 one week earlier. On an unadjusted basis, the Index increased 2.2 percent compared with the previous week, but was down 16.4 percent compared with the same week one year earlier.
The seasonally-adjusted Purchase Index decreased by 2.4 percent to 425.1 from 435.7 the previous week, whereas the Refinance Index increased by 0.2 percent to 1751.0 from 1747.2 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 1.5 percent to 911.2 from 924.7 the previous week, and the Government Index, which increased 2.2 percent to 132.7 from 129.9 the previous week.
The four week moving average for the seasonally-adjusted Market Index is up 0.8 percent to 630.0 from 625.2. The four week moving average is down 1.8 percent to 444.6 from 452.7 for the Purchase Index, while this average is up 3.8 percent to 1729.3 from 1666.0 for the Refinance Index.
The refinance share of mortgage activity decreased to 42.1 percent of total applications from 43.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 29.8 percent of total applications from 30.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.25 percent from 6.20 percent on week earlier, with points increasing to 1.23 from 1.17 (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 5.84 percent from 5.79 percent, with points increasing to 1.28 from 1.22 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs remained at 5.48 percent, with points also remaining unchanged at 0.96 (including the origination fee) for 80 percent LTV loans.
