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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	4/28/2004 8:05:41 AM
From: russwinter	Read Replies (1) of 110194

Mortgage purchase index is stunning, near an all time high at 464, even with 30 year mortgage at 6.01%. The housing bubble is alive and well. A whopping 32.1% of all new loans are ARMs, another record high. Refi activity subdued. WASHINGTON, D.C. (April 28, 2004)—The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 23. The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-increased by 0.5 percent to 748.0 on a seasonally adjusted basis from 744.5 one week earlier. On an unadjusted basis, the Index increased by 1.3 percent compared with last week and was down 26.6 percent compared with the same week one year earlier. The MBA seasonally adjusted Purchase Index increased by 6.8 percent to 463.5 from 434.1 the previous week. The seasonally adjusted Refinance Index decreased by 5.8 percent to 2403.0 from 2550.3 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which increased 0.4 percent to 1091.0 from 1086.2 the previous week. The Government Index increased 0.7 percent to 175.7 from 174.4 the previous week. The refinance share of mortgage activity decreased to 44.0 percent of total applications from 47.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 32.7 percent of total applications from 31.7 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.01 percent from 5.84 percent from one week earlier, with points decreasing to 1.28 from 1.36 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 5.27 percent from 5.16 percent one week earlier, with points increasing to 1.43 from 1.32 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.67 percent from 3.58 percent one week earlier, with points increasing to 0.99 from 0.98 from the previous week (including the origination fee) for 80 percent LTV loans.

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