The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 9, 2010 and its seasonally adjusted Purchase Index decreased 3.1 percent from one week earlier to the lowest point observed in the survey since December 1996.
The unadjusted Purchase Index decreased 12.7 percent compared with the previous week and was 43.0 percent lower than Independence Day week one year ago.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9 percent on a seasonally adjusted basis from one week earlier. This week's results include an adjustment to account for the Independence Day holiday. On an unadjusted basis, the Index decreased 12.6 percent compared with the previous week. The Refinance Index decreased 2.9 percent from the previous week.
The refinance share of mortgage activity remained constant at 78.7 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.5 percent from 5.4 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.68 percent, with points increasing to 0.96 from 0.86 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.12 percent from 4.11 percent, with points increasing to 1.04 from 0.93 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for one-year ARMs remained unchanged at 7.20 percent, with points decreasing to 0.22 from 0.24 (including the origination fee) for 80 percent LTV loans.
The unadjusted Purchase Index decreased 12.7 percent compared with the previous week and was 43.0 percent lower than Independence Day week one year ago.
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9 percent on a seasonally adjusted basis from one week earlier. This week's results include an adjustment to account for the Independence Day holiday. On an unadjusted basis, the Index decreased 12.6 percent compared with the previous week. The Refinance Index decreased 2.9 percent from the previous week.
The refinance share of mortgage activity remained constant at 78.7 percent of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.5 percent from 5.4 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.69 percent from 4.68 percent, with points increasing to 0.96 from 0.86 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.12 percent from 4.11 percent, with points increasing to 1.04 from 0.93 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
The average contract interest rate for one-year ARMs remained unchanged at 7.20 percent, with points decreasing to 0.22 from 0.24 (including the origination fee) for 80 percent LTV loans.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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