The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 1. The Market Composite Index - a measure of mortgage loan application volume - was 644.5, a decrease of 4.4 percent on a seasonally adjusted basis from 674.3 one week earlier. On an unadjusted basis, the Index decreased 4.5 percent compared with last week and was down 35.1 percent compared with the same week one year earlier.

The MBA seasonally adjusted Purchase Index decreased by 5.3 percent to 446.0 from 470.9 the previous week whereas the seasonally adjusted Refinance Index decreased by 3.1 percent to 1798.8 from 1857.2 one week earlier.

Other seasonally adjusted index activity included the Conventional Index, which decreased 4.5 percent to 960.5 from 1006.1 the previous week. The Government Index decreased 2.6 percent to 117.1 from 120.2 the previous week.

The refinance share of mortgage activity increased to 38.3 percent of total applications from 37.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 35.2 percent of total applications from 36.6 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.91 percent from 6.08 percent one week earlier, with points decreasing to 1.26 from 1.34 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.48 percent from 5.61 percent one week earlier, with points decreasing to 1.32 from 1.39 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 4.29 percent from 4.39 percent one week earlier, with points decreasing to 0.90 from 0.97 (including the origination fee) for 80 percent LTV loans.

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