Mortgage application volume was down last week as interest rates declined on long-term mortgages, according to the latest survey from the Mortgage Bankers Association. The market composite index, a measure of mortgage loan application volume, was 552.6, a decrease of 6 percent on a seasonally adjusted basis from 588 one week earlier. On an unadjusted basis, the index decreased 6.2 percent compared with the previous week and was down 23 percent compared with the same week one year earlier. The seasonally-adjusted purchase index decreased by 7.1 percent to 396.4 from 426.7 the previous week whereas the refinance index decreased by 4.3 percent to 1480.5 from 1546.8 one week earlier. The four week moving average for the seasonally-adjusted market index is up 0.2 percent to 574.9 from ...
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