Mortgage application volume decreased by 6.7% on a seasonally adjusted basis for the week ended April 8 as the average rate for the 30-year fixed-rate mortgage rose for the fourth consecutive week, according to the Mortgage Bankers Association.
The Refinance Index decreased 7.7% from the previous week, while the seasonally adjusted Purchase Index decreased by 4.7%. The unadjusted purchase index was down 11.4% from the same period in 2010.
The market share of refi applications fell to 60.3% from 61.2%. This is the lowest refi share since May 2010. MBA tracks activity through its proprietary application index.
The average contract interest rate for 30-year fixed-rate mortgages increased 5 basis points to 4.98% from 4.93%, with points increasing to 0.93 from 0.69 (including the origination fee) for 80% loan-to-value ratio loans.
The average contract interest rate for the 15-year FRM increased 3 basis points to 4.17% from 4.14%. Points increased to 1.22 from 1.09.
