MBA Weekly survey results

Real Estate Weekly, Oct 25, 2000

The Mortgage Bankers Association of America (MBA) released its Weekly Mortgage Applications Survey results today, reponing that the market composite index of mortgage loan applications for the week ending Oct. 3 increased 3.2 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, the application index decreased 6.9 percent, but was up 14.8 percent compared to the same week a year earliest.

The MBA seasonally adjusted Purchase Index increased from 302.8 the previous week to 311.1; the seasonally adjusted Refinance Index increased from 475.0 the previous week to 498.6. Other seasonally adjusted index activity included the Conventional Index, which increased from 408.4 the previous week to 423.5 and the Government Index, which increased from 193 9 the previous week to 197.0.

Refinancing activity represented 22.1 percent of total applications, increasing from last week's 21.8 percent. ARM activity decreased from 14.5 percent the previous week to 13.9 percent.

The average contract interest rate for 30-year fixed rate mortgages was 7.79 percent, decreasing from the previous week's rate of 7.87 percent, with points increasing from 1.15 the previous week to 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for I-year ARMs was 7.43 percent, decreasing from the previous week's rate of 7.56, with points decreasing from 1.48 the previous week to 1.43 (including the origination fee) for 80 percent LTV loans.