Home Mortgage Applications Drop!

WASHINGTON, D.C. - The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending April 7. The Market Composite Index, a measure of mortgage loan application volume, was 579.4, a decrease of 5.5 percent on a seasonally adjusted basis from 612.8 one week earlier. On an unadjusted basis, the Index decreased 5.1 percent compared with the previous week and was down 14.7 percent compared with the same week one year earlier.The seasonally-adjusted Purchase Index decreased by 4.7 percent to 417.7 from 438.2 the previous week whereas the Refinance Index decreased by 6.6 percent to 1532.4 from 1640.8 one week earlier. Other seasonally adjusted index activity includes the Conventional Index, which decreased 5.0 percent to 854.9 from 900.3 the previous week, and the Government Index, which decreased 10.2 percent to 120.0 from 133.6 the previous week.