Mortgage applications volume fell 11

percent last week to 1,113.2 from 1,250.6 the previous week on a

seasonally adjusted basis, according to the Mortgage Bankers

Association weekly survey.

On an unadjusted basis, the index decreased

10.9 percent compared with the previous week. It increased 45.6 percent

compared with the same week a year ago.

The refinance share of activity decreased 1/10th of a percent while the purchase index declined 11.3 percent.

This was the first drop in mortgage

applications in five weeks. While there was no adjustment in the

calculations for the Easter and Passover holidays, it may have

contributed to the decline in volume, the mortgage bankers suggested.

Mortgage rates continued to fall:

  • 30-year fixed-rate mortgages decreased to 4.70 percent from 4.73 percent

  • 15-year fixed-rate mortgages decreased to 4.46 percent from 4.49 percent

  • 1-year ARMs decreased to 6.21 percent from 6.23 percent

Source: Mortgage Bankers Association (04/15/2009)