The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending August 3, 2012 -- was released August 8.
- The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week.
- The Refinance Index decreased 2% from the previous week. The refinance share of mortgage activity was unchanged from last week at 81% of total applications.
- The seasonally adjusted Purchase Index decreased 1% from a week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 12% lower than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.76% from 3.75%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased to 4.04% from 4.01%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.54% from 3.52%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.08% from 3.09 %, with points decreasing to 0.41 from 0.49 (including the origination fee) for 80% LTV loans.
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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.