The Market Composite Index of mortgage loan applications, a measure of mortgage loan applications for purchases and refinancings, decreased by 7.2 percent to 1,012.9 on a seasonally adjusted basis for the week ending April 2 from 1,091.3 one week earlier, according to a report released today by the Mortgage Bankers Association (MBA). On an unadjusted basis, the Market Index decreased by 6.6 percent for the week ending April 2 compared with the previous week and was down 17.6 percent compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 57.1 percent of total applications for the week ending April 2 from 62.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 28.8 percent of total applications for the week ending April 2 compared to 27.5 percent the previous week, according to the report.