Mortgage Apps Up Slightly Last Week

Washington, DC, September 5, 2007--Mortgage applications were up 1.3% for the week ended August 31, according to the weekly Mortgage Bankers Association (MBA) survey.

The Refinance Index increased 2.3% and the seasonally adjusted Purchase Index increased 0.4% from one week earlier.  On an unadjusted basis, the Purchase Index decreased 1.9% from the previous week.  The seasonally adjusted Conventional Index increased 0.3% from the previous week, and the seasonally adjusted Government Index increased 10.4% from the previous week.

The refinance share of mortgage activity increased to 41.4% of total applications from 40.4% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 12.6 from 15.0% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.42% from 6.41%, with points decreasing to 1.09 from 1.48 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 6.10%, with points decreasing to 1.16 from 1.19 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 6.52 from 6.51%, with points decreasing to 0.93 from 1.00 (including the origination fee) for 80 percent LTV loans.