Mortgage applications up at close of 2006

Survey results were adjusted to reflect the Christmas holiday, but according to the data, mortgage application volume was up 3.6 percent from the previous week.

The refinance index increased by 2.2 percent compared to the previous week, and the seasonally adjusted purchase index increased by 4.3 percent, according to an MBA news release.

The seasonally adjusted conventional index increased by 3.8 percent, and the seasonally adjusted government index grew 0.7 percent from the previous week.

The four-week moving average for the seasonally adjusted Market Index is down 2.8 percent to 625.1 from 643.1. The four-week moving average is down 1.1 percent to purchase index, and down 4.4 percent for the refinance index.

The refinance share of mortgage activity decreased to 48.1 percent of total applications from 48.8 percent the previous week. The adjustable-rate mortgage share of activity decreased to 20.4 from 23.1 percent of total applications from the previous week and is at its lowest level since July 2003.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.22 from 6.12 percent, with points decreasing to 0.92 from 0.96 (including the origination fee) for 80 percent loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.93 percent from 5.84 percent, with points decreasing to 1 from 1.06 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 5.84 percent from 5.87, with points increasing to 0.83 from 0.80 (including the origination fee) for 80 percent LTV loans.

The survey has been conducted weekly since 1990, and covers 50 percent of all U.S. retail residential mortgage originations.