The seasonally-adjusted Purchase Index decreased by 0.4 percent to 399.0 from 400.8 the previous week, whereas the Refinance Index increased by 2.6 percent to 1614.4 from 1573.5 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which increased 0.3 percent to 846.1 from 843.6 the previous week, and the Government Index, which increased 5.7 percent to 124.6 from 117.9 the previous week.
 
The four week moving average for the seasonally-adjusted Market Index is down 1.9 percent to 574.9 from 585.9.  The four week moving average is down 1.6 percent to 400.1 from 406.6 for the Purchase Index while this average is down 2.1 percent to 1599.0 from 1633.2 for the Refinance Index.

The refinance share of mortgage activity increased to 38.5 percent of total applications from 38.1 percent the previous week.  The adjustable-rate mortgage (ARM) share of activity decreased to 27.9 percent of total applications from 28.3 percent the previous week. 

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.31 percent from 6.18 percent, with points increasing to 1.22 from 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.97 percent from 5.84 percent, with points decreasing to 1.22 from 1.24 (including the origination fee) for 80 percent LTV loans. 

The average contract interest rate for one-year ARMs increased to 5.69 percent from 5.64 percent, with points decreasing to 0.96 from 0.99 (including the origination fee) for 80 percent LTV loans. 

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:  www.mortgagebankers.org.