February 05, 2004

MORTGAGE LOAN APPS DECLINE

The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, decreased by 1.5 percent to 855.7 on a seasonally adjusted basis for the week ending Jan. 30 from 868.9 one week earlier, according to a Mortgage Bankers Association (MBA) report released today. On an unadjusted basis, the Index increased by 12.4 percent for the week ending Jan. 30 compared to the previous week and declined 25.9 percent compared with the same week one year earlier.

The refinance share of mortgage activity decreased to 57.0 percent of total applications for the week ending Jan. 30 from 58.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 27.2 percent for the week ending Jan. 30 compared to 26.3 percent the previous week.

Posted by gandlwoods at February 5, 2004 10:22 AM