Housing Bubble

Purchase Index falls in latest MBA survey

April 16, 2003

Washington, D.C. - The Market Composite Index of mortgage loan applications - a measure of mortgage loan applications for purchases and refinancings - for the week ending April 11 decreased to 1134.6 on a seasonally-adjusted basis from 1246.1 one week earlier, according to the Weekly Mortgage Applications Survey of the Mortgage Bankers Association of America (MBA), which was released today. On an unadjusted basis, the Index decreased by 8.8 percent but was up 132.4 percent compared to the same week a year earlier.

The MBA seasonally adjusted Purchase Index decreased to 376.1 from 400.8 the previous week. The seasonally adjusted Refinance Index decreased to 5546.7 from 6162.8 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1649.6 from 1807.5 the previous week. The Government Index decreased to 274.9 from 309.2 the previous week.

Refinancing activity represented 69.4 percent of total applications, decreasing from 70.3 percent the previous week. The share of ARM activity increased to 15.3 percent from 14.4 percent the previous week.

Source: Mortgage Bankers Association of America