Mortgage Applications Slip 2.7% Last Week †††
Industry News

Source: CreditandCollectionsWorld.com and SourceMedia, Inc.

The Mortgage Bankers Associationís Market Composite Index, a measure of mortgage loan application volume, was 636.7 in the week ended Sept. 28, down 2.7% on a seasonally adjusted basis from 654.2 one week earlier.

On an unadjusted basis, the index fell 2.9% compared with the previous week and rose 0.4% compared with the same week during 2006. The Refinance Index fell 3.8% to 1950.4 from 2026.5 the prior week and the Purchase Index declined 1.8% to 411.4 from 418.8 one week earlier. The Conventional Index decreased 3.5% to 904.2 from 937.2 the previous week.

The refinance share of mortgage activity slipped to 46.0% of total applications from 46.4% the previous week. The adjustable-rate mortgage (ARM) share of activity climbed to 13.8% from 12.2% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages fell to 6.32% from 6.38%. The average rate for 15-year fixed-rate mortgages slid to 5.95% from 6.06%. The rate for one-year ARMs jumped to 6.21% from 6.09%.

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