Mortgage loan application volume dropped 5.5 percent for the week ending April 7, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. This was the first decrease in applications in three weeks.

The Purchase Index and the Refinance Index both experienced declines compared to the previous week's activity, with purchases and refinances easing 4.7 percent and 6.6 percent, respectively.

"Long-term rates remain quite low historically, and continue to buoy the housing and mortgage sectors," says Bob Walters, Chief Economist of Loans. "The trend toward refinancing from ARMs to fixed-rate programs is expected to continue as homeowners move to guard against these rising short-term rates."

Publish Date: 04/12/2006