NEW YORK - Mortgage applications decreased 2.4% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 6.
The refinance index decreased 3.1% and the seasonally adjusted purchase index decreased 0.5%.
The four week moving average for the seasonally adjusted market index is down 2.08%. The four week moving average is up 2.19% for the seasonally adjusted purchase index, while this average is down 3.45% for the refinance index.
The refinance share of mortgage activity decreased for the eighth consecutive week to 70.5% of total applications from 71.2% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 5.5% of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.10% from 4.16%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.37% from 3.40%.