Mortgage Application Volume

by Osman Parvez

From Calculated Risk, noting recent mortgage application trends...
The Market Composite Index, a measure of mortgage loan application volume, was 553.3, an increase of 4.9 percent on a seasonally adjusted basis from 527.6 one week earlier. On an unadjusted basis, the Index increased 4.3 percent compared with the previous week but was down 24.9 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 3.4 percent to 388.9 from 376.2 the previous week and the Refinance Index increased by 7.1 percent to 1518.1 from 1417.2 one week earlier.
Mortgage rates decreased:
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.45 percent from 6.62 percent ...

The average contract interest rate for one-year ARMs decreased to 5.96 percent from 6.18 percent ...

Although Calculated Risk tends to be very bearish, it's a solid resource for insightful analysis on housing and the economy. The post I've quoted above is worth visiting for the year over year analysis of purchase activity. Here's the link.

Image: Calculated Risk

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