Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage Applications Increase in Latest MBA Weekly Survey

WASHINGTON, D.C. (April 22, 2009) – The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 17, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 1172.2, an increase of 5.3 percent on a seasonally adjusted basis from 1113.2 one week earlier. On an unadjusted basis, the Index increased 5.3 percent compared with the previous week and increased 76.9 percent compared with the same week one year earlier.

The Refinance Index increased 7.7 percent to 6540.7 from 6071.7 the previous week, while the seasonally adjusted Purchase Index decreased 4.2 percent to 253.0 from 264.1 one week earlier. The seasonally adjusted Conventional Purchase Index decreased 4.6 percent while the seasonally adjusted Government Purchase Index (largely FHA) decreased 3.6 percent.

The four week moving average for the seasonally adjusted Market Index is up 0.3 percent. The four week moving average is down 1.3 percent for the seasonally adjusted Purchase Index, while this average is up 0.7 percent for the Refinance Index.\

The refinance share of mortgage activity increased to 79.7 percent of total applications from 77.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 1.4 percent from 1.5 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.73 percent from 4.70 percent, with points decreasing to 1.12 from 1.23 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.46 percent, with points increasing to 1.18 from 1.04 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.19 percent from 6.21 percent, with points decreasing to 0.14 from 0.15 (including the origination fee) for 80 percent LTV loans.

**SPECIAL NOTES**
The survey covers approximately 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mortgagebankers.org .