Applications for purchase mortgages during the week ending Feb. 12 fell 18.4 percent from a year ago, the Mortgage Bankers Association said today in releasing the results of its Weekly Mortgage Applications Survey.

Overall loan application volume was down a seasonally adjusted 2.1 percent from the week before, with demand for purchase loans falling 4 percent week-over-week and applications for refinancings down 1.2 percent.

Applications for purchase mortgages during the week ending Feb. 12 fell 18.4 percent from a year ago, the Mortgage Bankers Association said today in releasing the results of its Weekly Mortgage Applications Survey.

Overall loan application volume was down a seasonally adjusted 2.1 percent from the week before, with demand for purchase loans falling 4 percent week-over-week and applications for refinancings down 1.2 percent.

Requests for refinancings accounted for 69.3 percent of all loan applications, and 4.4 percent of applications were for adjustable-rate mortgage (ARM) loans, the MBA said.

The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 4.94 percent, with points increasing to 1.09 from 1.06 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 4.33 percent, with points increasing to 1.02 from 0.95 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs decreased to 6.67 percent from 6.68 percent, with points decreasing to 0.32 from 0.35 (including the origination fee) for 80 percent LTV loans.

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