by Calculated Risk on 10/21/2009 08:56:00 AM
Wednesday, October 21, 2009
The MBA reports: Mortgage Applications Decrease
The Market Composite Index, a measure of mortgage loan application volume, decreased 13.7 percent on a seasonally adjusted basis from one week earlier. ...Click on graph for larger image in new window.
The Refinance Index, also adjusted for the holiday, decreased 16.8 percent from the previous week and the seasonally adjusted Purchase Index decreased 7.6 percent from one week earlier.
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.07 percent from 5.02 percent, with points increasing to 1.13 from 1.11 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
This graph shows the MBA Purchase Index and four week moving average since 2002.
The Purchase index declined to 268.8, and the 4-week moving average declined to 284.
Note: The increase in 2007 was due to the method used to construct the index: a combination of lender failures, and borrowers filing multiple applications pushed up the index in 2007, even though activity was actually declining.
Posted by Calculated Risk on 10/21/2009 08:56:00 AM