Refinance Drop Drives Decline in Mortgage Applications
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2 percent on a seasonally adjusted basis from 822.8 one week earlier. On an unadjusted basis, the Index decreased 25.8 percent compared with the previous week and was up 5.1 percent compared with the same week one year earlier. The Refinance Index decreased 30.4 percent to 2458.9 from 3533.8 the previous week and the seasonally adjusted Purchase Index increased 0.2 percent to 358.2 from 357.6 one week earlier. The Conventional Purchase Index decreased 1.5 percent while the Government Purchase Index (largely FHA) increased 8.4 percent. On an unadjusted basis, the Purchase Index decreased 7.1 percent to 350.7 from 377.3 the previous week. The seasonally adjusted Conventional Index decreased 21.4 percent to 907.1 from 1153.4 the previous week, and the seasonally adjusted Government Index decreased 3.8 percent to 261.5 from 271.8 the previous week.
Mortgage Applications Decrease As Interest Rates Increased In Latest MBA Weekly Survey
WASHINGTON, D.C. (February 20, 2008) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 15, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 822.8, a decrease of 22.6 percent on a seasonally adjusted basis from 1063.5 one week earlier. On an unadjusted basis, the Index decreased 21.2 percent compared with the previous week and was up 33.9 percent compared with the same week one year earlier.