Washington, DC, August 29, 2007--Mortgage applications fell for the week ending August 24, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey.
The Market Composite Index, a measure of mortgage loan application volume, was down 4% on a seasonally adjusted basis. On an unadjusted basis, the Index decreased 5.3% compared with the previous week and was up 10.6% compared with the same week one year earlier.
The Refinance Index decreased 4.2% from the previous week and the seasonally adjusted Purchase Index decreased 4.0% from one week earlier. On an unadjusted basis, the Purchase Index decreased 6.0%. from the previous week.
The refinance share of mortgage activity increased to 40.4% of total applications from 39.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 15.0 from 18.6% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.41% from 6.49%, with points remaining unchanged at 1.48 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.10% from 6.20%, with points increasing to 1.19 from 1.10 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs increased to 6.51% from 5.84%, with points decreasing to 1.00 from 1.05 (including the origination fee) for 80% LTV loans.
