Housing Bubble

Refinancing activity increases in latest MBA survey

June 18, 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 June 13 increased to 1701.7 on a seasonally-adjusted basis from 1684.6 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 increased by 0.7 percent and was up 192.6 percent compared to the same week a year earlier.

The MBA seasonally adjusted Purchase Index increased slightly to 419.1 from 418.9 the previous week. The seasonally adjusted Refinance Index increased to 9162.7 from 9046.9 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which increased to 2500.3 from 2475.8 the previous week. The Government Index increased to 369.1from 364.4 the previous week.

Refinancing activity increased to 77.3 percent of total applications from 76.9 percent the previous week. The share of ARM activity increased to 14.4 percent from 14.0 percent the previous week.

Source: Mortgage Bankers Association of America