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Mortgage Applications Increase In Latest MBA Weekly Survey
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 7, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 425.0, an increase of 11.9 percent on a seasonally adjusted basis from 379.9 one week earlier. On an unadjusted basis, the Index increased 10.5 percent compared with the previous week and was down 40.0 percent compared with the same week one year earlier.
The Refinance Index increased 16.1 percent to 1248.4 from the previous week and the seasonally adjusted Purchase Index increased 9.0 percent to 284.4 from one week earlier. The Conventional Purchase Index increased 6.5 percent while the Government Purchase Index (largely FHA) increased 15.3 percent.
The four week moving average for the seasonally adjusted Market Index is down 3.7 percent. The four week moving average for the seasonally adjusted Purchase Index is down 2.5 percent, while this average is down 5.1 percent for the Refinance Index.
Posted: November 12, 2008 Wednesday 07:02 AM