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Mortgage Applications Decrease 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 February 6, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 600.6, a decrease of 24.5 percent on a seasonally adjusted basis from 795.4 one week earlier. On an unadjusted basis, the Index decreased 23.5 percent compared with the previous week and 43.9 percent compared with the same week one year earlier.
The Refinance Index decreased 30.3 percent to 2722.7 from 3906.3 the previous week and the seasonally adjusted Purchase Index decreased 9.8 percent to 235.9 from 261.4 one week earlier. The Purchase Index is at its lowest level since the end of 2000. The seasonally adjusted Conventional Purchase Index decreased 11.1 percent while the seasonally adjusted Government Purchase Index (largely FHA) decreased 7.0 percent.
The four week moving average for the seasonally adjusted Market Index is down 20.0 percent from last week. The four week moving average is down 8.7 percent for the seasonally adjusted Purchase Index, while this average is down 23.9 percent for the Refinance Index.
The refinance share of mortgage activity decreased to 66.7 percent of total applications from 73.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.5 percent from 2.1 percent of total applications from the previous week.
Posted: February 11, 2009 Wednesday 07:00 AM