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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 January 2, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 1143.8, a decrease of 8.2 percent on a seasonally adjusted basis from 1245.7 one week earlier. This week’s results included an adjustment to account for the shortened week due to the New Year’s Day holiday. On an unadjusted basis, the Index decreased 8.9 percent compared with the previous week and was up 28.3 percent compared with the same week one year earlier.
The Refinance Index decreased 12.3 percent to 5904.5 from 6733.8 the previous week and the seasonally adjusted Purchase Index increased 7.3 percent to 344.2 from 320.9 one week earlier. The seasonally adjusted Conventional Purchase Index increased 2.3 percent while the Government Purchase Index (largely FHA) increased 19.2 percent.
The four week moving average for the seasonally adjusted Market Index is up 7.9 percent. The four week moving average is up 3.6 percent for the Purchase Index, while this average is up 9.3 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 79.8 percent of total applications from 82.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 0.9 percent from 0.8 percent of total applications from the previous week.
Posted: January 7, 2009 Wednesday 07:01 AM