Washington, DC, November 1, 2006--The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 27.
The Market Composite Index, a measure of mortgage loan application volume, was 570.8, a decrease of 3 percent on a seasonally adjusted basis from 588.6 one week earlier.
On an unadjusted basis, the Index decreased 3.3 percent compared with the previous week and was down 11.2 percent compared with the same week one year earlier.
The seasonally-adjusted Refinance Index decreased by 4.5 percent to 1709.2 from 1790.4 the previous week and the Purchase Index decreased by 1.8 percent to 375.6 from 382.4 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased by 3.3 percent to 844.2 from 872.9 the previous week, and the Government Index, which increased 0.3 percent to 114.9 from 114.5 the previous week.
The four week moving average for the seasonally-adjusted Market Index is down 2.6 percent to 586.1 from 601.9. The four week moving average is down 1.9 percent to 381.5 from 388.8 for the Purchase Index, while this average is down 3.5 percent to 1778.7 from 1844.1 for the Refinance Index.
The refinance share of mortgage activity decreased to 45 percent of total applications from 45.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 25.9 percent of total applications from 26.1 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.24 percent from 6.36 percent, with points increasing to 1.09 from 1.04 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.94 percent from 6.03 percent, with points decreasing to 1.03 from 1.04 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.93 percent from 5.97 percent, with points decreasing to 0.84 from 0.90 (including the origination fee) for 80 percent LTV loans.
