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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (261708)	9/24/2003 5:45:09 PM
From: patron_anejo_por_favor	Read Replies (1) of 436258

Mortgage Applications continue to drop (especially for purchase) despite falling rates: mbaa.org WASHINGTON , D.C. ( September 24, 2003 )-- The Mortgage Bankers Association of America (MBA) today released its Weekly Mortgage Applications Survey for the week ending September 19. The Market Composite Index of mortgage loan applications—a measure of mortgage loan applications for purchases and refinancings—decreased by 3.7 percent to 699.6 on a seasonally adjusted basis from 726.7 one week earlier. On an unadjusted basis, the Index decreased by 4.2 percent to 686.9 from 717.3 one week earlier. The MBA seasonally adjusted Purchase Index decreased by 7.0 percent to 402.1 from 432.4 the previous week. The seasonally adjusted Refinance Index decreased by 0.4 percent to 2429.7 from 2438.5 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased to 988.1 from 1029.5 the previous week. The Government Index decreased 1.5 percent to 218.0 from 221.4 the previous week. “With mortgage rates declining for the third week in a row, the share of applications for refinances surged over the 50 percent threshold,” said Michael Cevarr, MBA's manager of member surveys. “This move is not surprising as the refinance share tends to grow in a declining mortgage rate environment.” The refinance share of mortgage activity increased to 51.9 percent of total applications from 49.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 22.7 percent from 22.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.85 percent from 5.91 percent one week earlier , with points decreasing to 1.29 from 1.32 the previous week (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages remained at 5.16 percent, with points decreasing to 1.40 from 1.43 the previous week (including the origination fee) for 80 percent LTV loans.. Hard to say for sure, but this may be the beginning of the end. I may leg back into RDN and a homie or two tomorrow. The average contract interest rate for one-year ARMs decreased to 3.56 from 3.59 the previous week , with points increasing to 1.05 from 1.02 from the previous week (including the origination fee) for 80 percent LTV loans.

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