by Calculated Risk on 6/07/2006 09:59:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Refinance Applications Decline


Click on graph for larger image.

The Market Composite Index, a measure of mortgage loan application volume, was 534.4, a decrease of 1.4 percent on a seasonally adjusted basis from 541.9 one week earlier. On an unadjusted basis, the Index decreased 11.7 percent compared with the previous week and was down 28.0 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index increased slightly to 395.6 from 395.5 the previous week whereas the Refinance Index decreased by 3.8 percent to 1356.0 from 1409.0 one week earlier...

Mortgage rates decreased slightly:

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.60 percent from 6.66 percent ...

The average contract interest rate for one-year ARMs decreased to 6.05 percent from 6.09 percent ...

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

Total	-28.0%
Purchase	-16.9%
Refi	-42.6%
Fixed-Rate	-25.6%
ARM	-33.1%

More evidence of a weak housing market in comparison to 2005.