Mortgage loan application volume was down for the week ending April 7, and long-term interest rates edged higher, according to the Mortgage Bankers Association’s latest weekly survey.
The market composite index, a measure of mortgage loan application volume, was 579.4, down 5.5 percent on a seasonally adjusted basis from 612.8 one week earlier, the MBA reported. On an unadjusted basis, the index decreased 5.1 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 decreased 4.7 percent to 417.7 from 438.2 the previous week, and the refinance index decreased 6.6 percent to 1,532.4 from 1,640.8 one week earlier.
The four-week moving average for the seasonally-adjusted market index is up 0.2 percent to 582.2 from 581. The four-week moving average is up 0.9 percent to 413.4 from 409.7 for the purchase index while this average is down 0.8 percent to 1,576.5 from 1,589.3 for the refinance index.
The refinance share of mortgage activity decreased to 36 percent of total applications from 36.6 percent the previous week, and the adjustable-rate mortgage share of activity increased to 28.6 percent of total applications from 28.5 percent the previous week.
The average contract interest rate for 30-year fixed-rate mortgages increased to 6.5 percent from 6.49 percent, with points including origination fee increasing to 1.2 from 1.13 for 80 percent loan-to-value ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages increased to 6.17 percent from 6.15 percent, with points including origination fee increasing to 1.16 from 1.12 for 80 percent loan-to-value loans.
The average contract interest rate for one-year ARMs increased to 5.97 percent from 5.96 percent, with points including origination fee remaining at 0.84 for 80 percent loan-to-value loans.