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April 23, 2008 - Mortgage Bankers Association of America

Mortgage Applications Decrease In Latest MBA Weekly Survey

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 18, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent on a seasonally adjusted basis from 743.4 one week earlier. On an unadjusted basis, the Index decreased 13.4 percent compared with the previous week and was down 3.2 percent compared with the same week one year earlier.

The Refinance Index decreased 20.2 percent to 2286.3 from 2866.0 the previous week and the seasonally adjusted Purchase Index decreased 6.4 percent to 357.3 from 381.6 one week earlier. The Conventional Purchase Index decreased 7.5 percent while the Government Purchase Index (largely FHA) decreased 2.7 percent.

The four week moving average for the seasonally adjusted Market Index is down 10.5 percent to 698.7 from 780.8. The four week moving average is down 3 percent to 369.9 from 381.5 for the Purchase Index, while this average is down 15.8 percent to 2628.2 from 3120.5 for the Refinance Index.

The refinance share of mortgage activity decreased to 49.2 percent of total applications from 53.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.6 from 6.0 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.04 percent from 5.74 percent, with points decreasing to 1.040 from 1.05 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.6 percent from 5.27 percent, with points decreasing to 1.06 from 1.19 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.93 percent from 7.02 percent, with points increasing to 1.38 from 1.28 (including the origination fee) for 80 percent LTV loans.

**SPECIAL NOTES**

The survey covers approximately 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100.

Mortgage Bankers Association of America by Carolyn Kemp, Washington-District of Columbia