by Calculated Risk on 5/17/2006 10:25:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Application Volume Up

The Market Composite Index, a measure of mortgage loan application volume, was 588.0, an increase of 4.6 percent on a seasonally adjusted basis from 562.1 one week earlier. On an unadjusted basis, the Index increased 4.8 percent compared with the previous week and was down 14.7 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased by 2.4 percent to 426.7 from 416.5 the previous week whereas the Refinance Index increased by 8.4 percent to 1546.8 from 1427.4 one week earlier..

Mortgage rates increased:

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.66 percent from 6.61 percent ...

The average contract interest rate for one-year ARMs increased to 6.07 percent from 6.04 percent ...

Change in mortgage applications from one year ago (from Dow Jones):

Total	-14.7%
Purchase	-8.6%
Refi	-24.1%
Fixed-Rate	-9.5%
ARM	-24.6%