Weekly Mortgage Market Update; Mortgage Bankers Association for the week of Sept. 9, 2009.Market Composite Index: (loan application volume) I ncreased 17.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15.8 percent compared with the previous week and 64.5 percent compared with the same week one year earlier.
Refinance Index: Increased 22.5 percent from the previous week, the biggest jump since mid-March.
Government Purchase Index: The four week moving average is up 3.3 percent
Refinance Share of Mortgage Activity: Increased to 59.8 percent of total applications from 56.5 percent the previous week
ARM Refinance Activity: Increased to 5.8 percent from 5.6 percent of total applications from the previous week.
MBA outlook: Existing home sales have stabilized but home prices continue to decline. MBA reports that median existing home prices fell 15.1 percent in July from a year ago. New home median prices were down 11.5 percent in July from a year ago.
The Mortgage Bankers Association has lowered projections for purchase originations in 2009. Home sales are expected to be stronger but price declines will continue and they are expected to be steeper.
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