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Refinance Activity Falls, Purchase Applications Steady in Latest MBA Weekly Survey
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The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 22, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 786.0, a decrease of 14.2 percent on a seasonally adjusted basis from 915.9 one week earlier. On an unadjusted basis, the Index decreased 13.8 percent compared with the previous week and increased 28.5 percent compared with the same week one year earlier.
The Refinance Index decreased 18.9 percent to 3890.4 from 4794.4 the previous week and the seasonally adjusted Purchase Index increased 1.0 percent to 256.6 from 254.0 one week earlier.
The four week moving average for the seasonally adjusted Market Index is down 4.7 percent. The four week moving average is up 0.5 percent for the Purchase Index, while this average is down 6.2 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 69.3 percent of total applications from 73.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.6 percent from 2.4 percent of total applications from the previous week.
Posted: May 27, 2009 Wednesday 07:00 AM