Posted by OR on 2/2/11 10:26am
Msg #370996

ThinkBigWorkSmall---Refi numbers.

It is Wednesday; the MBA released its Weekly Mortgage Applications Survey for the week ending January 28, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 11.3%. The previous week did not include a holiday adjustment for Martin Luther King, Jr. Day. The Refinance Index increased 11.7% from the previous week. The seasonally adjusted Purchase Index increased 9.5% from one week earlier. The four week moving average for the seasonally adjusted Market Index is up 1.0%. The four week moving average is down 1.5% for the seasonally adjusted Purchase Index, while this average is up 1.7% for the Refinance Index. The refinance share of mortgage activity decreased to 69.3% of total applications from 70.3% the previous week. This is the lowest refinance share observed in the survey since the week ending May 14, 2010. The adjustable-rate mortgage (ARM) share of activity increased to 5.5% from 5.2% of total applications from the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.81% from 4.80%, with points decreasing to 1.02 from 1.19 (including the origination fee) for 80% loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 4.13% from 4.12%, with points decreasing to 1.01 from 1.26 (including the origination fee) for 80% loans.