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

To: Jim Willie CB who wrote (4508)	1/7/2004 8:39:25 AM
From: russwinter	Read Replies (1) \| Respond to of 110194

WASHINGTON, D.C. (January 7, 2003)—The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 2. The Market Composite Index of mortgage loan applications—a measure of mortgage loan applications for purchases and refinancings-increased by 4.5 percent to 599.9 on a seasonally adjusted basis from 574.1 one week earlier. On an unadjusted basis, the Index increased by 23.5 percent compared with last week and was down 53.2 percent compared with the same week one year earlier. The MBA seasonally adjusted Purchase Index increased by 2.9 percent to 401.3 from 390.1 the previous week. The seasonally adjusted Refinance Index increased by 6.8 percent to 1755.4 from 1644.3 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which increased 4.4 percent to 832.2 from 797.3 the previous week. The Government Index increased 5.2 percent to 212.1 from 201.7 the previous week. The refinance share of mortgage activity increased to 49.7 percent of total applications from 49.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 30.3 percent from 30.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.81 percent from 5.73 percent one week earlier, with points increasing to 1.43 from 1.31 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 5.13 percent from 5.04 percent one week earlier, with points increasing to 1.41 from 1.28 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.45 percent from 3.40 percent one week earlier, with points increasing to 0.99 from 0.98 the previous week (including the origination fee) for 80 percent LTV loans.