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Mortgage Applications Decrease 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 October 17, 2008. This week’s results include an adjustment to account for the Columbus Day holiday. The Market Composite Index, a measure of mortgage loan application volume, was 408.1, a decrease of 16.6 percent on a seasonally adjusted basis from 489.3 one week earlier. On an unadjusted basis, the Index decreased 25 percent compared with the previous week and was down 44 percent compared with the same week one year earlier.
The Refinance Index decreased 23.5 percent to 1158.8 from the previous week and the seasonally adjusted Purchase Index decreased 10.9 percent to 279.3 from one week earlier. The Conventional Purchase Index decreased 10.5 percent while the Government Purchase Index (largely FHA) decreased 11.9 percent.
The four week moving average for the seasonally adjusted Market Index is down 9.2 percent. The four week moving average for the seasonally adjusted Purchase Index is down 4.9 percent, while this average is down 14.2 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 42.6 percent of total applications from 46.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.7 percent from 2.6 percent of total applications from the previous week.
Posted: October 22, 2008 Wednesday 07:03 AM