The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending August 22, 2008 today. The new stats show mortgage applications increased slightly from last week, when the figure hit its lowest level since December 2000.
According to the MBA’s data, the Market Composite Index, which is a measure of mortgage loan application volume, was 421.6, an increase of 0.5 percent on a seasonally adjusted basis from the previous week, when it was 419.3. On an unadjusted basis, the index decreased 0.9 percent compared to the previous week and was down 31.2 percent compared to the same week a year earlier.

The MBA also reported the following key statistics (percentage changes reflect comparison to the previous week):
-Refinance Index: 1038.0, up 0.3 percent
-Purchase Index = 315.9, an increase of 0.6 percent
-Conventional Purchase Index declined 0.6 percent
-Government Purchase Index (largely FHA) rose by 3.3 percent
-Average contract interest rate for 30-year fixed-rate mortgages decreased to 6.44 percent from 6.47 percent
-Average contract interest rate for 15-year fixed-rate mortgages decreased to 5.94 percent from 5.99 percent
-Average contract interest rate for one-year ARMs increased to 7.15 percent from 7.07 percent
Based on MBA’s survey results, the refinance share of mortgage activity increased to 35.2 percent of total applications, from 34.8 percent the previous week. Adjustable-rate mortgages (ARMs) dropped slightly to 7.9 percent of total applications.
To view MBA’s survey results, click here.