RTTNews - (Correction: The original headline incorrectly said that applications fell over 11 percent.)

Industry data released on Wednesday showed that mortgage application volume slid over 8 percent last week, as refinance activity plunged over 11 percent.

The Mortgage Bankers Association revealed that its market index of mortgage application volume fell 8.6 percent on a seasonally adjusted basis for the week of May 8th. The Market Composite Index was 895.6 compared to 979.7 in the previous week.

On an unadjusted basis, the index declined 8.1 percent, although it was up 28.4 percent on a year-over-year basis.

The Refinance Index continued its downward trend from its peak in mid-April, falling 11.2 percent from the previous week. For the week of May 8th, the index ticked down to 4588.6 from 5169.3 in the previous week.

The refinance share of mortgage activity decreased to 71.9 percent of total applications from 74.4 percent the previous week.

However, purchase mortgage demand has increased modestly in recent weeks, even after accounting for normal seasonal increases this time of the year. The purchase index ticked up 0.5 percent last week to 265.7 from 264.3 in the previous week.

The adjustable rate mortgage share of activity increased to 2.3 percent compared to the previous week, when it made up 2.1 percent of total applications.

Interest rates were mixed across the board, with the average rate for 30-year fixed-rate mortgages sliding to 4.76 percent from 4.79 percent in the previous week.

The average rate for 15-year fixed-rate mortgages also declined, slipping to 4.50 percent from 4.57 percent in the previous week. One-year ARMs bucked the downward trend and jumped to 6.41 percent from 6.36 percent.

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