Mortgage Applications Up

Mortgage applications increased 7.1% from one week earlier,
according to data from the Mortgage Bankers Association’s (MBA)
Weekly Mortgage Applications Survey for the week ending July 29,
2011.  The Market Composite Index, a measure of mortgage loan
application volume, increased 7.1% on a seasonally adjusted basis
from one week earlier. On an unadjusted basis, the Index
increased 7.0% compared with the previous week. The Refinance
Index increased 7.8% from the previous week. The seasonally
adjusted Purchase Index increased 5.1% from one week earlier. The
unadjusted Purchase Index increased 5.2% compared with the
previous week and was 5.9% higher than the same week one year
ago.

“Treasury rates plummeted more than 20 basis points last week
as all eyes were focused on the debt ceiling negotiations in
Washington, and economic data depicted much slower than
anticipated economic growth,” said Michael Fratantoni, MBA’s
Vice President of Research and Economics. “Mortgage rates fell,
with the rate on 15-year mortgages reaching a new low in our
survey. Refinance application volume increased, but even though
30-year mortgage rates are back below 4.5%, the refinance index
is still almost 30% below last year’s level. Factors such as
negative equity and a weak job market continue to constrain
borrowers. Purchase activity increased off of a low base,
returning to levels of one month ago, but remains weak by
historical standards.”

The four week moving average for the seasonally adjusted Market
Index is up 2.8%. The four week moving average is down 0.4% for
the seasonally adjusted Purchase Index, while this average is up
4.2% for the Refinance Index.  The refinance share of mortgage
activity increased to 70.1% of total applications from 69.6% the
previous week. The adjustable-rate mortgage (ARM) share of
activity increased to 6.6% from 6.1% of total applications from
the previous week.

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