by Calculated Risk on 4/11/2007 09:05:00 AM

The Mortgage Bankers Association (MBA) reports: Purchase Applications Rise, Refinance Applications Decline in Latest MBA Survey

The Market Composite Index, a measure of mortgage loan application volume, was 646.6, a decrease of 0.4 percent on a seasonally adjusted basis from 649.5 one week earlier. On an unadjusted basis, the Index decreased 0.1 percent compared with the previous week and was up 10.8 percent compared with the same week one year earlier.

The Refinance Index decreased 4 percent to 2015 from 2098.3 the previous week and the seasonally adjusted Purchase Index increased 2.7 percent to 413.8 from 402.9 one week earlier.

Mortgage rates increased:

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.16 percent from 6.13 percent ...

The average contract interest rate for one-year ARMs increased to 5.88 from 5.87 percent ...

Click on graph for larger image.

This graph shows the Purchase Index and the 4 and 12 week moving averages since January 2002. The four week moving average decreased slightly to 409.6 from 409.7 for the Purchase Index.

The refinance share of mortgage activity decreased to 42.8 percent of total applications from 44.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 18.7 from 19.2 percent of total applications from the previous week.