Mortgage Application Volume Down

Washington, DC, April 26, 2006--The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 21. The Market Composite Index, a measure of mortgage loan application volume, was 548.6, a decrease of 3.7 percent on a seasonally adjusted basis from 569.6 one week earlier. On an unadjusted basis, the Index decreased 3.2 percent compared with the previous week and was down 22.4 percent compared with the same week one year earlier. There were no holiday adjustments made for the Easter holiday. The seasonally-adjusted Purchase Index decreased by 4.4 percent to 389.4 from 407.4 the previous week whereas the Refinance Index decreased by 2.4 percent to 1489.4 from 1526.1 one week earlier. The seasonally-adjusted Purchase Index is at its lowest level since November 7, 2003. Other seasonally adjusted index activity includes the Conventional Index, which decreased 3.7 percent to 806.8 from 837.6 the previous week, and the Government Index, which decreased 3.7 percent to 118.1 from 122.6 the previous week.