MBA Reports Mortgage Applications Rise

According to the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending November 7, 2008, applications were up. The Market Composite Index, a measure of mortgage loan application volume, was 425.0, an increase of 11.9% on a seasonally adjusted basis from 379.9 one week earlier. On an unadjusted basis, the Index increased 10.5% compared with the previous week and was down 40% compared with the same week one year earlier. Similarly, the Refinance Index increased 16.1% to 1248.4 from the previous week and the seasonally adjusted Purchase Index increased 9% to 284.4 from one week earlier; the Conventional Purchase Index increased 6.5% while the Government Purchase Index (largely FHA) increased 15.3%. However, the four week moving average for the seasonally adjusted Market Index is down 3.7%.