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

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To: Ramsey Su who wrote (263)	7/23/2003 9:04:11 AM
From: russwinter	Read Replies (1) of 110194

Peak was 1701.7 on June 13th. Washington, D.C. (July 23, 2003) – The Mortgage Bankers Association of America’s (MBA’s) Weekly Mortgage Applications Survey released today showed the Market Composite Index of mortgage loan applications – a measure of mortgage loan applications for purchases and refinancings – for the week ending July 18 decreased to 1284.3 on a seasonally adjusted basis from 1358.2 one week earlier. On an unadjusted basis, the Index decreased by 5.3 percent compared to last week but was up 56.8 percent compared with the same week a year earlier. The MBA seasonally adjusted Purchase Index decreased to 442.4 from 447.2 the previous week. The seasonally adjusted Refinance Index decreased to 6181.2 from 6657.2 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1844.1 from 1965.6 the previous week. The Government Index increased to 350.2 from 344.6 the previous week. “Refinancing activity continues to slow as long-term interest rates increase,” noted MBA senior economist Phil Colling. The refinance share of mortgage activity decreased to 68.7 percent of total applications, from 70.1 percent the previous week. The ARM share of activity increased to 16.7 percent from 15.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.72 percent from 5.33 percent one week earlier, with points increasing to 1.53 from 1.47 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 5.10 percent from 4.68 percent one week earlier, with points decreasing to 1.42 from 1.43 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.18 from 3.10 the previous week, with points decreasing to 1.01 from 1.02 the previous week (including the origination fee) for 80 percent LTV loans.

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