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Mortgage Applications Increase in Latest MBA Weekly Survey
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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 17, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 1172.2, an increase of 5.3 percent on a seasonally adjusted basis from 1113.2 one week earlier. On an unadjusted basis, the Index increased 5.3 percent compared with the previous week and increased 76.9 percent compared with the same week one year earlier.
The Refinance Index increased 7.7 percent to 6540.7 from 6071.7 the previous week, while the seasonally adjusted Purchase Index decreased 4.2 percent to 253.0 from 264.1 one week earlier. The seasonally adjusted Conventional Purchase Index decreased 4.6 percent while the seasonally adjusted Government Purchase Index (largely FHA) decreased 3.6 percent.
The four week moving average for the seasonally adjusted Market Index is up 0.3 percent. The four week moving average is down 1.3 percent for the seasonally adjusted Purchase Index, while this average is up 0.7 percent for the Refinance Index.
The refinance share of mortgage activity increased to 79.7 percent of total applications from 77.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 1.4 percent from 1.5 percent of total applications from the previous week.
Posted: April 22, 2009 Wednesday 07:00 AM