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Borrowers streamed back into the mortgage market last week as loan applications jumped nearly 17%, according to a regular survey from the Mortgage Bankers Association.
The MBA Weekly Mortgage Applications Survey for the week ending October 24, 2008, found that the Market Composite Index, a measure of mortgage loan application volume, was 476.7, an increase of 16.8 percent on a seasonally adjusted basis from 408.1 one week earlier. On an unadjusted basis, the Index increased 29.6 percent compared with the previous week and was down 30.0 percent compared with the same week one year earlier.
The Refinance Index increased 28.5 percent to 1489.4 from the previous week and the seasonally adjusted Purchase Index increased 8.5 percent to 303.1 from one week earlier. The Conventional Purchase Index increased 7.9 percent while the Government Purchase Index (largely FHA) increased 10.1 percent. The four week moving average for the seasonally adjusted Market Index is up 1.2 percent. The four week moving average for the seasonally adjusted Purchase Index is down 0.1 percent, while this average is up 2.9 percent for the Refinance Index.
The refinance share of mortgage activity increased to 46.9 percent of total applications from 42.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 1.9 percent from 2.7 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.26 percent from 6.28 percent, with points increasing to 1.10 from 1.09 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.01 percent from 6.05 percent, with points increasing to 1.15 from 1.11 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.90 percent from 6.97 percent, with points decreasing to 0.21 from 0.40 (including the origination fee) for 80 percent LTV loans.
