by Calculated Risk on 6/21/2006 10:17:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Rates Increase, Application Volume Steady


Click on graph for larger image.

The Market Composite Index, a measure of mortgage loan application volume, was 567.6, a decrease of 0.8 percent on a seasonally adjusted basis from 571.9 one week earlier. On an unadjusted basis, the Index decreased 1.6 percent compared with the previous week and was down 26.8 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 0.1 percent to 414.8 from 414.6 the previous week and the Refinance Index decreased by 2.2 percent to 1466.1 from 1499.4 one week earlier.

Mortgage rates increased:

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.73 percent from 6.61 percent ...

The average contract interest rate for one-year ARMs increased to 6.22 percent from 6.09 percent ...

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

Total	-26.8%
Purchase	-13.2%
Refi	-43.1%
Fixed-Rate	-25.6%
ARM	-29.5%

Although mortgage activity is above its recent lows, purchase activity remains significantly below 2005 levels.