|Title: ||Mortgage Applications Decrease in Latest MBA Weekly Survey|
WASHINGTON, D.C. (November 25, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending November
20, 2009. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.5 percent on a seasonally
adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.8 percent compared with the previous week.
The Refinance Index decreased 9.5 percent from the previous week and the seasonally adjusted Purchase Index increased 9.6
percent from one week earlier. The unadjusted Purchase Index increased 4.9 percent compared with the previous week and was
13.7 percent lower than the same week one year ago.
The four week moving average for the seasonally adjusted Market Index is up 0.5 percent. The four week moving average is
down 6.4 percent for the seasonally adjusted Purchase Index, while this average is up 4.0 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 71.7 percent of total applications from 74.6 percent the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 5.3 percent from 5.1 percent of total applications from
the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.82 percent from 4.83 percent, with points increasing to 1.19 from 1.18 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages remained flat at 4.32 percent, with points increasing to 1.05 from 1.01 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.66 percent from 6.85 percent, with points increasing to 0.33 from 0.29 (including the origination fee) for 80 percent LTV loans.
The survey results released last week for the week ending November 13, 2009 were revised and the changes reported in this
week’s results reflect that revision. One participant revised its data submission to show higher application volume, as well
as a reclassification of some loans from purchase to refinance. As a result, the revised purchase application number is slightly
lower than what was reported and the revised refinance number modestly higher.
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The survey covers over 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since
1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mba.org.