Location: New York
Author: RiskCenter Staff
Date: Friday, October 12, 2007

The Mortgage Bankers Association Market Composite Index, a measure of mortgage loan application volume, was 652.0 for the week ended Oct. 5, up 2.4 percent on a seasonally adjusted basis from 636.7 one week earlier.

On an unadjusted basis, the index rose 2.4 percent compared with the previous week and was up 8.6 percent compared with the same week one year earlier.

The Refinance Index increased 2.7 percent to 2003.2 from 1950.4 the previous week and the seasonally adjusted Purchase Index increased 2.1 percent to 420.2 from 411.4 one week earlier. The seasonally adjusted Conventional Index rose 3.4 percent to 934.8 from 904.2 the previous week.

The refinance share of mortgage activity increased to 46.2 percent of total applications from 46.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 13.6 percent from 13.8 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.40 percent from 6.32 percent. The average rate for 15-year fixed-rate mortgages grew to 6.03 percent from 5.95 percent, and the average rate for one-year ARMs fell to 6.15 percent from 6.21 percent week over week.

Source: www.creditandcollectionsworld.com

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