The study released May 23 found that the market composite index of mortgage loan applications for the week ending May 18 decreased 15.2% from the previous week. This was a drop from 560.4 to 475.4.
For the story, click on:MBA Finds Mortgage Loan Applications Down 15.2%
The figures reported above are a seasonally adjusted basis and are a measure of loan purchases and refinances. On an unadjusted basis the application index increased 3.8% and was up 67.2% compared to the same week in 2000.
Also, the seasonally adjusted Purchase Index increased to 302.2 from 291.2 the week before. The seasonally adjusted Refinance Index rose from 1,546.8 to 1,622.5 this week. The Conventional Index increased to 642.9 from 619.6 and the Government Index increased to 234.8 from 250.7.
Refinancing represented 45.1% of the total applications, an increase from the week prior's figure of 44.7%. The average contract interest rate for 30-year fixed mortgages was 7.26% from 7.16%. Points decreased to 1.32 from 1.44, including the origination fee, for 80% loan-to-value ratio loans.
Decreases include the ARM activity, which dropped to 9.2% from 9.6%. Also, the average contact interest for one-year ARMs was 5.68%, decreasing from 5.72% the previous week, with points increasing to 1.23 from 1.17 the previous week for 80% loan-to-value ratio loans.
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