Wednesday, January 25, 2012

MBA: Mortgage Purchase Application Index declined in Latest Survey

by Calculated Risk on 1/25/2012 08:38:00 AM

From the MBA: Mortgage Applications Fall by 5 percent in Latest MBA Weekly Survey

The Refinance Index decreased 5.2 percent from the previous week. The seasonally adjusted Purchase Index decreased 5.4 percent from one week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 4.11 percent from 4.06 percent ...

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.39 percent from 4.40 percent...
The following graph shows the MBA Purchase Index and four week moving average since 1990.

MBA Purchase Index Click on graph for larger image.

The 4-week average of the purchase index increased slightly last week. This index has mostly moved sideways for the last 2 years, and is at about the same level as in 1997. The refinance index will probably increase later in February or in March at the HARP refinance program picks up.