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Wednesday, October 25, 2006

MBA Weekly Survey

by Calculated Risk on 10/25/2006 09:18:00 AM

UPDATED with link to MBA Press Release.

The Mortgage Bankers Association (MBA) reports: Mortgage Applications Rise In Latest Survey

Click on graph for larger image.

The Market Composite Index, a measure of mortgage loan application volume, was 588.6, an increase of 0.5 percent on a seasonally adjusted basis from 585.8 one week earlier. On an unadjusted basis, the Index increased 0.5 percent compared with the previous week and was down 13 percent compared with the same week one year earlier.

The seasonally-adjusted Refinance Index increased by 1.8 percent to 1790.4 from 1758.2 the previous week and the Purchase Index decreased by 0.6 percent to 382.4 from 384.7 one week earlier.
Mortgage rates increased slightly:
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.36 percent from 6.33 percent ...

The average contract interest rate for one-year ARMs increased to 5.97 percent from 5.94 percent ...

This second graph shows the Purchase Index and the 4 and 12 week moving averages since January 2002.

The MBA has added a four week moving average to their press release:
"The four week moving average for the seasonally-adjusted Market Index is up 0.9 percent to 601.9 from 596.3. The four week moving average is up 0.4 percent to 388.8 from 387.1 for the Purchase Index, while this average is up 1.6 percent to 1844.1 from 1815.9 for the Refinance Index."