The seasonally-adjusted Refinance Index decreased by 5.3 percent to 1758.2 from 1857 the previous week and the Purchase Index increased by 0.4 percent to 384.7 from 383.3 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased by 2.2 percent to 868.7 from 888 the previous week, and the Government Index, which decreased 2.8 percent to 114.2 from 117.5 the previous week.
 
The four week moving average for the seasonally-adjusted Market Index is down 0.4 percent to 596.3 from 598.8.  The four week moving average decreased 0.8 percent to 387.1 from 390.4 for the Purchase Index, while this average is up 0.1 percent to 1815.9 from 1813.5 for the Refinance Index.

The refinance share of mortgage activity decreased to 45 percent of total applications from 46.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 26.5 percent of total applications from 26.9 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.33 percent from 6.27 percent, with points increasing to 1.15 from 1.08 (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 6.01 percent from 5.9 percent, with points decreasing to 1.08 from 1.11 (including the origination fee) for 80 percent LTV loans. 

The average contract interest rate for one-year ARMs increased to 5.94 percent from 5.88 percent, with points increasing to 0.86 from 0.85 (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.