Mortgage application volume decreased 1.8% from the previous week driven by lower purchase activity, according to the Mortgage Bankers Association.

The number of refinance applications increased slightly, by 0.2%, during the week ended April 14. The week's results are not adjusted for Good Friday.

But purchase volume declined by 3% on both an unadjusted and seasonally adjusted basis compared with the prior week. Purchase activity was 1% lower on an unadjusted basis for the same week in 2016.

The refinance share rose to 42.4% of total applications, from a seven year-low of 41.6% the week prior.

Applications for adjustable-rate mortgages fell to 8.4% of total volume from 8.5% the week prior.

There was an increase in the share of Federal Housing Administration applications, to 11% from 10.7%, while Veteran's Affairs-guaranteed mortgage applications fell to 11.1% from 11.3%. The USDA share of total applications remained unchanged at 1%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) fell 6 basis points to 4.22%. For 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100), the average contract rate decreased 9 basis points to 4.15%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.09% from 4.14%, while for 15-year fixed-rate mortgages, the average fell to 3.5%.

The average contract interest rate for 5/1 ARMs decreased to 3.27% from 3.33%.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry