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

To: patron_anejo_por_favor who wrote (11428)	4/7/2004 8:04:15 AM
From: russwinter	Read Replies (2) \| Respond to of 110194

Consumers respond to the up-tick in rates, by surging the purchase index to an all-time high. Refi activity still at boom levels. Overall no signs of even the slightest slowdown, the F3IP (Fed's Fully Funded Inflation Program) continues unabated. Perhaps next week will be more revealing? WASHINGTON, D.C. (April 7, 2004)—The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 2. The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-decreased by 7.2 percent to 1012.9 on a seasonally adjusted basis from 1091.3 one week earlier. On an unadjusted basis, the Market Index decreased by 6.6 percent compared with last week and was down 17.6 percent compared with the same week one year earlier. The MBA seasonally adjusted Purchase Index increased by 7.6 percent to 477.5 from 443.8 the previous week. The seasonally adjusted Refinance Index decreased by 15.0 percent to 4126.7 from 4857.6 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased 7.7 percent to 1488.3 from 1612.4 the previous week. The Government Index decreased 1.0 percent to 219.6 from 221.8 the previous week. The refinance share of mortgage activity decreased to 57.1 percent of total applications from 62.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.8 percent of total applications from 27.5 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.75 percent from 5.49 percent from one week earlier , with points decreasing to 1.27 from 1.29 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 5.03 percent from 4.75 percent one week earlier, with points increasing to 1.40 from 1.31 the previous week (including the origination fee) for 80 percent LTV loans. The average contract interest rate for one-year ARMs increased to 3.49 percent from 3.30 percent one week earlier, with points increasing to 1.04 from 0.98 from the previous week (including the origination fee) for 80 percent LTV loans.