The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November 20, 2009. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.8% compared with the previous week.
The Refinance Index decreased 9.5% from the previous week and the seasonally adjusted Purchase Index increased 9.6% from one week earlier. The unadjusted Purchase Index increased 4.9% compared with the previous week and was 13.7% lower than the same week one year ago.
The four week moving average for the seasonally adjusted Market Index is up 0.5% . The four week moving average is down 6.4% for the seasonally adjusted Purchase Index, while this average is up 4.0% for the Refinance Index.
The refinance share of mortgage activity decreased to 71.7% of total applications from 74.6% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.3 % from 5.1% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.82% from 4.83%, with points increasing to 1.19 from 1.18 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages remained flat at 4.32%, with points increasing to 1.05 from 1.01 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.66 percent from 6.85%, with points increasing to 0.33 from 0.29 (including the origination fee) for 80% LTV loans.
Tags: loan to value, LTV loans, MBA, mortgage, mortgage loan, The Mortgage Bankers Association
