Mortgage Applications increase by 2.7% over the previous week in latest MBAA survey
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The refi index and purchase index, and of course the composite all increased at +2.7%. The purchase index is still below levels at year end but is showing month-to-month strength that hints at improved home sales for March. Via MBA:
Mortgage applications increased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending March 18, 2011.
The Market Composite Index, a measure of mortgage loan application volume, increased 2.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.8 percent compared with the previous week. The Refinance Index increased 2.7 percent from the previous week. The seasonally adjusted Purchase Index increased 2.7 percent from one week earlier. The unadjusted Purchase Index increased 3.0 percent compared with the previous week and was 15.3 percent lower than the same week one year ago.
The four week moving average for the seasonally adjusted Market Index is up 2.5 percent. The four week moving average is up 1.0 percent for the seasonally adjusted Purchase Index, while this average is up 3.3 percent for the Refinance Index.
The refinance share of mortgage activity remained constant at 66.4 percent of total applications. The adjustable-rate mortgage (ARM) share of activity increased to 5.9 percent from 5.6 percent of total applications.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.80 percent from 4.79 percent, with points decreasing to 0.96 from 1.07 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate decreased from last week.