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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 February 20, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 743.5, a decrease of 15.1 percent on a seasonally adjusted basis from 875.3 one week earlier. This week’s results included an adjustment to account for the shortened week due to the Presidents’ Day holiday. On an unadjusted basis, the Index decreased 22.6 percent compared with the previous week and increased 9.8 percent compared with the same week one year earlier.
The Refinance Index decreased 19.1 percent to 3618.0 from 4472.9 the previous week and the seasonally adjusted Purchase Index decreased 2.6 percent to 250.5 from 257.3 one week earlier. The Conventional Purchase Index decreased 4.4 percent while the Government Purchase Index (largely FHA) increased 0.8 percent.
The four week moving average for the seasonally adjusted Market Index is up 0.4 percent. The four week moving average is down 4.2 percent for the seasonally adjusted Purchase Index, while this average is up 1.7 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 69.7 percent of total applications from 74.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 1.9 percent from 1.7 percent of total applications from the previous week.
Posted: February 25, 2009 Wednesday 07:00 AM