Mortgage Applications Increase in Latest MBA Weekly Survey

WASHINGTON, D.C. (April 8, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 3, 2009.  The Market Composite Index, a measure of mortgage loan application volume, was 1250.6, an increase of 4.7 percent on a seasonally adjusted basis from 1194.4 one week earlier.  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 to 6813.5 from 6600.1 the previous week and the seasonally adjusted Purchase Index increased 11.1 percent to 297.7 from 268.0 one week earlier.  The Conventional Purchase Index increased 7.7 percent while the Government Purchase Index (largely FHA) increased 17.1 percent.

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. 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.

**SPECIAL NOTES**

The survey covers approximately 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 16, 1990=100.

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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 2,400 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.

Eric D. Colburn, PLS, "The Geo-Business Innovator", helps geo-professionals improve through innovative solutions, mastery of marketing and business growth strategies, and coaching/training. Eric is a successful, serial entrepreneur, podcaster, industry writer, product development consultant, and RI licensed professional land surveyor.

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