Mortgage Loan Applications Trends July 2009
The results of the survey are processed to produce a Market Composite Index, a measure of mortgage loan application volume. The seasonally adjusted index during last week climbed to 493.1 from 444.8 one week earlier, representing an increase of 10.9 percent. According to the same survey, the Refinance Index increased to 1707.7 from 1482.2 the previous week, representing a 15.2 percent gain, and the seasonally adjusted Purchase Index increased to 285.6 from 267.7 one week earlier, representing a 6.7 percent gain. The survey registered no change in the average contract interest rate for 30-year fixed-rate mortgages, which remained at previous week's level of 5.34 percent, while the average contract interest rate for 15-year fixed-rate mortgages increased minimally to 4.83 percent from 4.81 percent. The average contract interest rate for one-year ARMs increased also slightly from 6.52 percent to 6.58 percent. Points increased slightly for all these three types of loans to 1.13 for 30-year fixed-rate mortgages, 1.06 for 15-year fixed-rate mortgages and 0.14 for one-year ARMs.
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