The seasonally-adjusted Refinance Index decreased by 9.6 percent to 1749.6 from 1935.3 the previous week and the Purchase Index increased by 1.3 percent to 406.7 from 401.4 one week earlier. The seasonally-adjusted Conventional Index decreased by 3.9 percent to 888.6 from 924.7 the previous week, and the seasonally-adjusted Government Index decreased 4.4 percent to 116.1 from 121.5 the previous week.
 
The four week moving average for the seasonally-adjusted Market Index is up 1.1 percent to 622.8 from 615.7.  The four week moving average is up 2 percent to 405.8 from 398 for the Purchase Index, while this average is up 0.5 percent to 1901.3 from 1891.2 for the Refinance Index.

The refinance share of mortgage activity decreased to 46.9 percent of total applications from 48.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 24.5 from 25.5 percent of total applications from the previous week. The ARM share is at its lowest level since October 2003.

The average contract interest rate for 30-year fixed-rate mortgages remained at 6.13 percent , with points increasing to 0.97 from 0.95 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The 30 year rate remained at its lowest level since January 2006.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.86 percent from 5.88 percent , with points decreasing to 0.87 from 0.96 (including the origination fee) for 80 percent LTV loans. 

The average contract interest rate for one-year ARMs decreased to 5.87 percent from 5.88 , with points increasing to 0.81 from 0.8 (including the origination fee) for 80 percent LTV loans.

**SPECIAL NOTES**

The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990.  Respondents include mortgage bankers, commercial banks and thrifts.  Base period and value for all indexes is March 16, 1990=100.

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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 2,200 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.