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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject	7/9/2003 11:18:10 AM
From: russwinter	of 110194

Wind taken out of the sails of the mortgage refi market. App index was 1702 at top of the credit bubble June 13th. Washington, D.C. (July 9, 2003) – The Market Composite Index of mortgage loan applications – a measure of mortgage loan applications for purchases and refinancings – for the week ending July 4 decreased to 1346.3 on a seasonally adjusted basis from 1635.5 one week earlier, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released today. The MBA seasonally adjusted Purchase Index decreased to 414.1 from 438.4 the previous week. The seasonally adjusted Refinance Index decreased to 6768.3 from 8599.1 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1943.1 from 2380.1 the previous week. The Government Index decreased to 350.1 from 393.1 the previous week. "The number of refinance applications fell back to the levels we saw at the beginning of May. So while there was a decline, it was a decline from unbelievably high levels to merely extraordinarily high levels," said Jay Brinkmann, MBA's vice president of research and economics. The Refinancing share of mortgage activity decreased to 72.1 percent of total applications, from 75.6 percent the previous week. The ARM share of activity increased to 13.6 percent, from 13.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.37 percent from 5.23 percent one week earlier, with points increasing to 1.46 from 1.45 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 increased to 4.73 percent from 4.63 percent one week earlier, with points increasing to 1.36 from 1.33 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.15 from 3.11 the previous week, with points increasing to 1.05 from 0.97 the previous week (including the origination fee) for 80 percent LTV loans.

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