by Calculated Risk on 2/01/2006 11:01:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Application Volume Declines In Latest Survey

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The Market Composite Index — a measure of mortgage loan application volume was 626.8 – a decrease of 5.1 percent on a seasonally adjusted basis from 660.5 one week earlier. On an unadjusted basis, the Index increased 9.1 percent compared with the previous week but was down 12.1 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 8.0 percent to 435.7 from 473.7 the previous week whereas the Refinance Index decreased by 1.5 percent to 1747.2 from 1773.9 one week earlier.

Rates on mortgages increased:

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.20 percent from 6.04 percent one week earlier ...

The average contract interest rate for one-year ARMs increased to 5.48 percent from 5.44 percent one week earlier ...

Activity is still high, but falling again as mortgage rates are once again rising.