by Calculated Risk on 5/03/2006 10:25:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Application Volume Rebounds


Click on graph for larger image.

The Market Composite Index, a measure of mortgage loan application volume, was 596.8, an increase of 8.8 percent on a seasonally adjusted basis from 548.6 one week earlier. On an unadjusted basis, the Index increased 9.6 percent compared with the previous week and was down 15.6 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 11.3 percent to 433.3 from 389.4 the previous week whereas the Refinance Index increased by 5.1 percent to 1565.6 from 1489.4 one week earlier.

Mortgage rates increased:

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.57 percent from 6.53 percent ...

The average contract interest rate for one-year ARMs increased to 6.08 percent from 5.96 percent ...

Change in mortgage applications from one year ago (from Dow Jones):

Total	-15.6%
Purchase	-10.1%
Refi	-24.0%
Fixed-Rate	-9.1%
ARM	-28.3%

Even with the small rebound in mortgage activity, purchase applications are still off 10.1% from last year.