Washington, DC, October 11, 2006--The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 6.
The Market Composite Index, a measure of mortgage loan application volume, was 599.1, a decrease of 5.5 percent on a seasonally adjusted basis from 633.9 one week earlier.
On an unadjusted basis, the Index decreased 5.3 percent compared with the previous week and was down 13.3 percent compared with the same week one year earlier.
The seasonally-adjusted Refinance Index decreased by 5.8 percent to 1857 from 1970.8 the previous week and the Purchase Index decreased by 5.3 percent to 383.3 from 404.6 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased by 5.5 percent to 888 from 939.3 the previous week, and the Government Index, which decreased 5.8 percent to 117.5 from 124.8 the previous week.
The four week moving average for the seasonally-adjusted Market Index is up 0.6 percent to 598.8 from 595.1. The four week moving average decreased 1.7 percent to 390.4 from 397.2 for the Purchase Index, while this average is up 3.7 percent to 1813.5 from 1748.5 for the Refinance Index.
The refinance share of mortgage activity decreased to 46.4 percent of total applications from 46.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 26.9 percent of total applications from 27 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.27 percent from 6.24 percent, with points increasing to 1.08 from 1.03 (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 5.9 percent from 5.86 percent, with points increasing to 1.11 from 1 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 5.88 percent from 5.86 percent, with points increasing to 0.85 from 0.79 (including the origination fee) for 80 percent LTV loans.
