The Mortgage Bankers Association’s (MBA) released its ‘Weekly Mortgage Applications Survey’ for the week ending February 19, 2010.
The Market Composite Index, a measurement of home mortgage application levels, dropped 8.5% from the prior week.
The Refinance Index decreased 8.9% from the preceding week, while the seasonally revised Purchase Index decreased 7.3% from the prior week. This now puts the index at its weakest level since May 1997.
The 4 week moving average Market Index is up 1.6%. The four week moving average is down 2.1% for Purchase Index, while this average increased 3.2% for the Refinance Index.The refinance share of mortgage loan action decreased to 68.1% of total applications from 69.3% the prior week.
The adjustable rate mortgage (ARM) share of action somewhat improved to 4.7% from 4.4% of total home loan applications from the past week.
The average interest rate for 30 year fixed rate mortgages grew to 5.03% from 4.94%, with points increasing to 1.34 from 1.09 (including the origination fee) for 80% mortgages.
The average interest rate for 15 year fixed rate mortgages grew to 4.35% from 4.33%, with points increasing to 1.31 from 1.02 (including the application fee) for 80% loans.
Tags: Mortgage Industry Press Release, Mortgage News
