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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (109)	7/2/2003 4:30:45 PM
From: russwinter	Respond to of 110194

Washington, D.C. (July 2, 2003) - The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications for purchases and refinancings – for the week ending June 27 increased to 1635.5 on a seasonally adjusted basis from 1554.5 one week earlier, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released today. On an unadjusted basis, the Index increased by 5.1 percent but was up 127.1 percent compared with the same week a year earlier. The MBA seasonally adjusted Purchase Index increased to 438.4 from 411.2 the previous week. The seasonally adjusted Refinance Index increased to 8599.1 from 8204.6 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which increased to 2380.1 from 2265.5 the previous week. The Government Index increased to 393.1 from 368.0 the previous week. Refinancing activity decreased to 75.6 percent of total applications, from 75.8 percent the previous week. The share of ARM activity decreased to 13.4 percent, from 15.6 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.23 percent from 5.10 percent one week earlier, with points decreasing to 1.45 from 1.62 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 4.63 percent from 4.51 percent one week earlier, with points decreasing to 1.33 from 1.45 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.11 from 3.03 the previous week, with points increasing to 0.97 from 0.91 the previous week (including the origination fee) for 80 percent LTV loans.