The Refinance Index increased 4.9 percent to 1717.4 from 1636.9 the previous week and the seasonally adjusted Purchase Index decreased 1.6 percent to 446.5 from 453.9 one week earlier. The seasonally adjusted Conventional Index increased 1.0 percent to 927.2 from 918.2 the previous week, and the seasonally adjusted Government Index decreased 0.5 percent to 138.6 from 139.3 the previous week.
 
The four week moving average for the seasonally adjusted Market Index is down 0.5 percent to 624.0 from 627.0.  The four week moving average is down 0.2 percent to 441.6 from 442.8 for the Purchase Index, while this average is down 0.9 percent to 1693.3 from 1708.1 for the Refinance Index.

The refinance share of mortgage activity increased to 37.7 percent of total applications from 36.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 21.0 from 20.4 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.61 percent from 6.65 percent, with points increasing to 1.60 from 1.52 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.29 from 6.31 percent, with points decreasing to 1.33 from 1.41 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs remained unchanged at 5.60 percent, with points decreasing to 1.11 from 1.16 (including the origination fee) for 80 percent LTV loans. 

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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 280,000 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.