Wednesday, November 22, 2006

MBA: Mortgage Applications Decline

by Bill McBride on 11/22/2006 10:42:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Applications Fall in Latest Survey

Click on graph for larger image.

The Market Composite Index, a measure of mortgage loan application volume, was 623.6, a decrease of 3.7 percent on a seasonally adjusted basis from 647.5 one week earlier.

The seasonally-adjusted Refinance Index decreased by 4.3 percent to 1935.3 from 2022.2 the previous week and the Purchase Index decreased by 2.8 percent to 401.4 from 412.9 one week earlier.
Mortgage rates were stable:
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.13 percent from 6.14 percent ...

The average contract interest rate for one-year ARMs increased to 5.88 percent from 5.87 ...
The second graph shows the Purchase Index and the 4 and 12 week moving averages since January 2002.