Following a slight uptick last week, mortgage applications decreased 2.3% on a weekly basis, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending April 10, 2015.

It’s been a weak time for mortgage applications despite news last week from MBA that new home purchases were up 17% in March.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week. The Refinance Index decreased 2% from the previous week.

The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 7% higher than the same week one year ago.

The refinance share of mortgage activity increased to 58% of total applications from 57% the previous week. The adjustable-rate mortgage share of activity decreased to 5.4% of total applications.

The FHA share of total applications increased to 13.5% from 13.2% the week prior. The VA share of total applications increased to 11.1% from 10.7% the week prior. The USDA share of total applications remained unchanged at 0.8% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.87% from 3.86%, with points increasing to 0.38 from 0.27 (including the origination fee) for 80% loan-to-value ratio  loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 3.84% from 3.81%, with points increasing to 0.35 from 0.26 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.67% from 3.69%, with points increasing to 0.23 from 0.18 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.16% from 3.15%, with points remaining unchanged from 0.29 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 2.82% from 2.76%, with points decreasing to 0.40 from 0.45 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

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