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May 13, 2008 - Mortgage Bankers Association of America

Mortgage Applications Increase In Latest MBA Weekly Survey

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending May 2, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 655.4, an increase of 15.6 percent on a seasonally adjusted basis from 567.0 one week earlier. On an unadjusted basis, the Index increased 15.9 percent compared with the previous week and was down 4.4 percent compared with the same week one year earlier.

The Refinance Index increased 19.3 percent to 2273.8 from 1905.2 the previous week and the seasonally adjusted Purchase Index increased 12.1 percent to 381.3 from 340.1 one week earlier. The Conventional Purchase Index increased 11.7 percent while the Government Purchase Index (largely FHA) increased 13.2 percent.

The four week moving average for the seasonally adjusted Market Index is down 2.6 percent to 650.8 from 668.4. The four week moving average is down 0.2 percent to 365.1 from 365.9 for the Purchase Index, while this average is down 4.6 percent to 2332.8 from 2445.6 for the Refinance Index.

The refinance share of mortgage activity increased to 47.1 percent of total applications from 45.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.8 from 5.9 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.91 percent from 6.01 percent, with points decreasing to 1.12 from 1.26 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.49 percent from 5.53 percent, with points decreasing to 1.07 from 1.24 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.77 percent from 6.86 percent, with points decreasing to 1.35 from 1.40 (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