The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending July 6, 2012 -- was released Wednesday, July 11.
- The Market Composite Index, a measure of mortgage loan application volume, decreased 2.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 22% compared with the previous week.
- The Refinance Index decreased 3% from the previous week.
- The seasonally adjusted Purchase Index increased 3% from one week earlier, suggesting an increase in home buying activity while refinancings cooled.
The average loan size of all loans for home purchase in the U.S. was $240,897 in June, down from $243,733 in May 2012. The average loan size for a refinance was $218,619, down from $226,576 in May.
The refinance share of mortgage activity decreased to 77.0% of total applications from the previous week. The adjustable-rate mortgage (ARM) share of activity remained around 4% of total applications.
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. 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.mortgagebankers.org.