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RISMEDIA, July 17, 2008-The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending July 11, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 522.2, an increase of 1.7% on a seasonally adjusted basis from 513.4 one week earlier. On an unadjusted basis, the Index increased 27.0% compared with the previous Independence Day holiday shortened week and was down 17.4% compared with the same week one year earlier. This marks the third week in a row that the MBA announced mortgage applications increasing, following last week’s 7.5% increase.
The Refinance Index increased 6.9% to 1474.9 from 1379.3 the previous week and the seasonally adjusted Purchase Index decreased 1.7% to 359.7 from 365.8 one week earlier. The Conventional Purchase Index increased 1.4% while the Government Purchase Index (largely FHA) decreased 8.2%.
The four week moving average for the seasonally adjusted Market Index is up 0.7% to 493.7 from 490.2. The four week moving average for the Purchase Index edged up to 350.5 from 350.4, while this average is up 1.8% to 1333.9 from 1309.8 for the Refinance Index.
The refinance share of mortgage activity increased to 39.2% of total applications from 37.3% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 9.1 from 10.0% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.22% from 6.43%, with points increasing to 1.21 from 1.06 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.74% from 5.94%, with points increasing to 1.13 from 1.10 (including the origination fee) for 80% LTV loans.
The average contract interest rate for one-year ARMs decreased to 7.16% from 7.24%, with points increasing to 0.36 from 0.26 (including the origination fee) for 80% LTV loans.
The survey covers approximately 50% 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.
For more information, visit www.mortgagebankers.org.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Paramount Equity Mortgage, a mortgage broker headquartered in California, deceived and cheated borrowers, according to the state Department of Financial Institutions.
DFI announced the charges on Tuesday, saying it has given notice that it intends to revoke Paramount's license to do business in Washington, fine the firm $500,000 and require it to pay restitution.
Paramount made more than 1,700 mortgage loans to Washington borrowers in 2007, collecting more than $8.7 million in fees, according to DFI.
"Paramount advertised that their 'mortgage bank' offers consumers low rates, free appraisals and guarantees the lowest interest rates and fees," Deb Bortner, Director of DFI's Division of Consumer Services, said in a news release. "In fact, Paramount is not a bank, the fees they charge more than covers the cost of the supposedly 'free' appraisal, and their guarantee of the lowest rates and fees cannot be substantiated."
Paramount also charged consumers to buy down interest rates without actually reducing rates, failed to make some required disclosures and made others in a deceptive manner, DFI said.
DFI's statement of charges names Paramount and its owners: Hayden Barnard, Mathew Dawson and John Walker. The company and owners have the right to request a hearing.
The news release said borrowers who believe they have been harmed through dealings with Paramount should file a complaint with DFI.
By AUBREY COHENP-I REPORTER
Seattle-area foreclosures increased faster than those of the state and nation in the second quarter, but the area continued to have a far smaller share of households in foreclosure.
Foreclosures in King and Snohomish counties rose 26 percent from the first quarter, compared with increases of 16 percent in Washington and 14 percent for the U.S., according to RealtyTrac, an Irvine, Calif., company that tracks foreclosures.
Area foreclosures were up 69 percent from the second quarter of 2007 -- smaller than the year-to-year rises of 87 percent and 121 percent in the state and nation, respectively.
One in every 411 Seattle-area households had a foreclosure filing in the second quarter, compared with rates of one in every 350 Washington households and one in every 171 households nationally.
Seattle had the 83rd lowest rate among the largest 100 U.S. metro areas.
Washington's rate put it 24th among states.
"Although much of the fallout from foreclosures is being driven by rampant activity in a few states, such as Nevada, California, Florida, Ohio, Arizona and Michigan, most areas of the country are seeing at least some increase in foreclosure activity," James J. Saccacio, RealtyTrac's chief executive, said in a statement.
"Forty-eight of 50 states and 95 out of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter."
California had half the top-20 metro areas, by rate, led by Stockton and Riverside, with one in every 25 and one in every 32 households, respectively, receiving foreclosure filings. Las Vegas was third, while Florida had six of the top-20 areas.
Nevada topped the state list, with one in every 43 households receiving a foreclosure filing during the second quarter. California, Arizona and Florida were second, third and fourth.
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