MBA: Weekly Mortgage Applications Survey

The latest Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending August 24, 2012 -- was released August 29.

Application Volume

Changes between the weeks ending August 17 and August 24:

• The Market Composite Index decreased 4.3% on a seasonally adjusted basis from one week earlier.
  
  
• The seasonally adjusted Purchase Index increased more than 1% from one week earlier.
  
  
• The Refinance Index decreased 6% from the previous week to its lowest level since May 11, 2012.

Interest Rates

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.80% from 3.86%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.06% from 4.11%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.60% from 3.62%.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.12% from 3.15%.

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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.