April 8, 2009
The number of consumers applying for mortgages rose sharply last week,
fed by a combination of refinancing and new home purchases as rates
remained near historic lows.
The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending April 3, 2009 rose 4.7 percent over the previous week. On an unadjusted basis, the Index increased 4.9 percent compared with the previous week and 67.6 percent compared with the same week one year earlier.
The Refinance Index increased 3.2 percent from the previous week and the seasonally adjusted Purchase Index increased 11.1 percent from one week earlier. The Conventional Purchase Index increased 7.7 percent while the Government Purchase Index — largely FHA — increased 17.1 percent.
All the survey's indicators show upward movement in the mortgage market. The four week moving average for the seasonally adjusted Market Index is up 13.3 percent. The four week moving average is up 4.2 percent for the seasonally adjusted Purchase Index, while this average is up 16.0 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 77.9 percent of total applications from 79.1 percent the previous week, suggesting more people are beginning to purchase homes and apply for mortgages.
The adjustable-rate mortgage (ARM) share of activity remained unchanged at 1.5 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.73 percent from 4.61 percent, with points remaining unchanged at 1.03 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 4.49 percent from 4.45 percent, with points decreasing to 0.93 from 1.04 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs increased to 6.23 percent from 6.20 percent, with points remaining unchanged at 0.14 (including the origination fee) for 80 percent LTV loans.
