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)