The seasonally-adjusted Purchase Index increased by 2.4 percent to 426.7 from 416.5 the previous week whereas the Refinance Index increased by 8.4 percent to 1546.8 from 1427.4 one week earlier.  Other seasonally adjusted index activity includes the Conventional Index, which increased 4.9 percent to 869.7 from 828.8 the previous week, and the Government Index, which increased 0.7 percent to 118.3 from 117.5 the previous week.
 
The four week moving average for the seasonally-adjusted Market Index is up 0.8 percent to 573.9 from 569.3.  The four week moving average is up 1.2 percent to 416.5 from 411.7 for the Purchase Index, while this average is up 0.3 percent to 1507.3 from 1502.1 for the Refinance Index.

The refinance share of mortgage activity increased to 35.0 percent of total applications from 33.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 29.9 percent of total applications from 28.5 percent the previous week. 

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.66 percent from 6.61 percent, with points increasing to 1.17 from 1.14 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. 

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.26 percent from 6.20 percent, with points decreasing to 1.17 from 1.23 (including the origination fee) for 80 percent LTV loans. 

The average contract interest rate for one-year ARMs increased to 6.07 percent from 6.04 percent, with points increasing to 0.89 from 0.87 (including the origination fee) for 80 percent LTV loans. 

**SPECIAL NOTES**

The survey covers approximately 50 percent of all U.S. retail residential mortgage originations, and has been conducted weekly since 1990.  Respondents include mortgage bankers, commercial banks and thrifts.  Base period and value for all indexes is March 16, 1990=100.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:  www.mortgagebankers.org.