Location: New York
Author: RiskCenter Staff
Date: Monday, September 8, 2008
The Mortgage Bankers Association’s Market Composite Index for the week ended Aug. 29 was 453.1, an increase of 7.5% on a seasonally adjusted basis from 421.6 one week earlier. The index measures mortgage loan application volume.
The Refinance Index increased 2.1% to 1059.7 from the previous week, and the seasonally adjusted Purchase Index increased 10.5% to 349 from one week earlier. The Refinance Index covers all mortgage applications to refinance an existing mortgage and includes conventional and government refinancing activity. The Purchase Index includes all mortgage applications for the purchase of a single-family home.
The Conventional Purchase Index increased 6.1% during the week. The Conventional Purchase Index covers all conventional refinance or purchase mortgage applications.
The refinance share of mortgage activity decreased to 34% of total applications from 35.2% the previous week. The adjustable rate mortgage (ARM) share of activity decreased to 6.6% from 7.9% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.39% from 6.44%. The average contract interest rate for 15-year fixed-rate mortgages increased to 5.96% from 5.94%. The average contract interest rate for one-year ARMs decreased to 7.11% from 7.15%.
Source: http://www.creditandcollectionsworld.com/
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