To: Wyätt Gwyön who wrote (12298 ) 4/21/2004 8:25:06 AM From: russwinter Read Replies (2) | Respond to Kind of a scary trend developing here. Note that even after nearly a 50 pbs increase (through last week) in the 30 year mortgage, the purchase index has barely downticked. Now note ARMs activity, 31.7%, folks just won't relent on this speculative moral hazard behavior. That's the highest ARM number I can recall. It's because the one year rate is still stuck in the Land of Oz. Refi activity has been halved in the last month, peaked at 4989 on March 19. Purchase Index increased by 0.4 percent to 434.1 from 432.2 the previous week. The seasonally adjusted Refinance Index decreased by 10.9 percent to 2550.3 from 2861.6 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased 5.8 percent to 1086.2 from 1152.9 the previous week. The Government Index decreased 3.4 percent to 174.4 from 180.6 the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 31.7 percent of total applications from 29.4 percent the previous week. interest rate for one-year ARMs increased to 3.58 percent from 3.53 percent one week earlier, with points increasing to 0.98 from 0.97 from the previous week (including the origination fee) for 80 percent LTV loans.
