by Calculated Risk on 2/08/2006 09:50:00 AM

The Mortgage Bankers Association (MBA) reports that mortgage applications declined for the week ending Feb 3rd.

Click on graph for larger image.

The Market Composite Index — a measure of mortgage loan application volume was 619.3 – a decrease of 1.2 percent on a seasonally adjusted basis from 626.8 one week earlier. On an unadjusted basis, the Index increased 2.2 percent compared with the previous week but was down 16.4 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 2.4 percent to 425.1 from 435.7 the previous week whereas the Refinance Index increased by 0.2 percent to 1751.0 from 1747.2 one week earlier.

Rates on mortgages increased: The average contract interest rate for 30-year fixed-rate mortgages increased to 6.25 percent from 6.20 percent one week earlier ...

The average contract interest rate for one-year ARMs was steady at 5.48 percent ...

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