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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 December 5, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 796.8, a decrease of 7.1 percent on a seasonally adjusted basis from 857.7 one week earlier. On an unadjusted basis, the Index increased 32.7 percent compared with the previous week and was up 2.2 percent compared with the same week one year earlier. Most categories of the survey declined from the previous week’s results, which were adjusted to account for the shortened week due to the Thanksgiving holiday.
The Refinance Index decreased 0.9 percent to 3767.3 the previous week and the seasonally adjusted Purchase Index decreased 17.4 percent to 298.1 from one week earlier. The Conventional Purchase Index decreased 15.5 percent while the Government Purchase Index (largely FHA) decreased 21.3 percent.
The refinance share of mortgage activity increased to 73.7 percent of total applications from 69.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 1.1 percent from 1.4 percent of total applications from the previous week.
Posted: December 10, 2008 Wednesday 07:02 AM