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Press Release

July 30, 2008 - Mortgage Bankers Association of America

Mortgage Applications Decrease In Latest MBA Weekly Survey

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 25, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 420.8, a decrease of 14.1 percent on a seasonally adjusted basis from 489.6 one week earlier. On an unadjusted basis, the Index decreased 13.7 percent compared with the previous week and was down 30.3 percent compared with the same week one year earlier.

The Refinance Index decreased 22.9 percent to 1074.4 from 1392.7 the previous week and the seasonally adjusted Purchase Index decreased 7.8 percent to 309.5 from 335.6 one week earlier. The Conventional Purchase Index decreased 7.1 percent while the Government Purchase Index (largely FHA) decreased 9.5 percent.

The four week moving average for the seasonally adjusted Market Index is down 2.8 percent to 486.5 from 500.7. The four week moving average is down 2.4 percent to 342.6 from 351.0 for the Purchase Index, while this average is down 3.5 percent to 1330.3 from 1379.0 for the Refinance Index.

The refinance share of mortgage activity decreased to 35.2 percent of total applications from 39.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.3 percent from 8.5 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.46 percent from 6.59 percent, with points increasing to 1.16 from 1.05 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.98 percent from 6.10 percent, with points increasing to 1.18 from 1.11 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 7.25 percent from 7.16 percent, with points increasing to 0.39 from 0.29 (including the origination fee) for 80 percent LTV loans.

**SPECIAL NOTES**

The survey covers approximately 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. Base period and value for all indexes is March 16, 1990=100

Mortgage Bankers Association of America by Sarah Tinsley, Washington-District of Columbia