by Calculated Risk on 4/04/2007 09:41:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Applications Decrease in Latest MBA Survey

The Market Composite Index, a measure of mortgage loan application volume, was 649.5, a decrease of 3.2 percent on a seasonally adjusted basis from 671 one week earlier. On an unadjusted basis, the Index decreased 3.2 percent compared with the previous week and was up 5.3 percent compared with the same week one year earlier.

The Refinance Index decreased 4.5 percent to 2098.3 from 2197.7 the previous week and the seasonally adjusted Purchase Index decreased 2 percent to 402.9 from 411.1 one week earlier.

Mortgage rates increased:

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.13 percent from 6.04 percent ...

The average contract interest rate for one-year ARMs increased to 5.87 from 5.84 percent ...

Click on graph for larger image.

This graph shows the Purchase Index and the 4 and 12 week moving averages since January 2002. The four week moving average is down 0.1 percent to 409.7 from 410.3 for the Purchase Index.

The refinance share of mortgage activity decreased to 44.5 percent of total applications from 45.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 19.2 from 20.2 percent of total applications from the previous week.