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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	7/30/2003 10:03:12 AM
From: russwinter	Read Replies (2) of 110194

WASHINGTON, D.C. (July 30, 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 25 decreased by 24.3 percent to 972.4 on a seasonally adjusted basis from 1284.3 one week earlier. On an unadjusted basis, the Index decreased by 23.7 percent compared with last week and was down by 2.4 percent compared with the same week one year earlier. The MBA seasonally adjusted Purchase Index decreased to 426.9 from 442.4 the previous week. The seasonally adjusted Refinance Index decreased to 4145.8 from 6181.2 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1376.0 from 1844.1 the previous week. The Government Index decreased to 299.0 from 350.2 the previous week. “The drop in overall applications is due almost entirely to the very large drop in refinance activity. The level of applications to purchase homes showed only a modest drop and is still near all-time highs. In contrast, refinance applications have fallen to the lowest level seen this year and are down more than 50 percent from where they were just four weeks ago – not surprising given the sharp increase in rates since mid-June,” said Jay Brinkmann, MBA’s vice president of Research and Economics. The refinance share of mortgage activity decreased to 60.4 percent of total applications, from 68.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 20.6 percent from 16.7 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.87 percent from 5.72 percent one week earlier, with points increasing to 1.64 from 1.53 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 5.18 percent from 5.10 percent one week earlier, with points increasing to 1.50 from 1.42 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.32 from 3.18 the previous week, with points decreasing to 1.00 from 1.01 the previous week (including the origination fee) for 80 percent LTV loans.

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