Mortgage Applications Increase 67.6% From 2008

WASHINGTON, D.C. (April 8, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 3, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 1250.6, an increase of 4.7% on a seasonally adjusted basis from 1194.4 one week earlier. The Index increased 67.6% compared with the same week one year earlier (see chart above).

The Refinance Index increased 3.2%to 6813.5 from 6600.1 the previous week, and the Purchase Index increased 11.1% to 297.7 from 268.0 one week earlier. The Conventional Purchase Index increased 7.7% while the Government Purchase Index (largely FHA) increased 17.1%. The four week moving average for the Market Index is up 13.3%. The four week moving average is up 4.2% for the Purchase Index, while this average is up 16.0% for the Refinance Index.

The refinance share of mortgage activity decreased to 77.9% of total applications from 79.1% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 1.5% of total applications from the previous week.