by Bill McBride on 4/12/2006 09:35:00 AM
Wednesday, April 12, 2006
The Mortgage Bankers Association (MBA) reports: Mortgage Application Volume Drops in Latest Survey
Click on graph for larger image.
The Market Composite Index, a measure of mortgage loan application volume, was 579.4, a decrease of 5.5 percent on a seasonally adjusted basis from 612.8 one week earlier. On an unadjusted basis, the Index decreased 5.1 percent compared with the previous week and was down 14.7 percent compared with the same week one year earlier.Mortgage rates increased slightly:
The seasonally-adjusted Purchase Index decreased by 4.7 percent to 417.7 from 438.2 the previous week whereas the Refinance Index decreased by 6.6 percent to 1532.4 from 1640.8 one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.50 percent from 6.49 percent ...Change in mortgage applications from one year ago (from Dow Jones):
The average contract interest rate for one-year ARMs increased to 5.97 percent from 5.96 percent ...
Purchase activity is off 11.9% from last year. This provides further evidence that housing is slowing.
Posted by Bill McBride on 4/12/2006 09:35:00 AM