The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 3.7% in the group’s seasonally adjusted composite index following a drop of 1.2% for the previous week. Mortgage loan rates changed little last week.

The seasonally adjusted purchase index decreased by 3% from the previous report. On an unadjusted basis, the composite index fell by 4% week-over-week. The unadjusted purchase index decreased by 3% for the week, and is up about 5% year-over-year.

The MBA’s refinance index fell by 1% after sliding 1% in the previous week.

The share of refinancings remained unchanged again at 63%, its lowest level in more than two years. Adjustable rate mortgage loans account for 6% of all applications, down by 1% from the prior week.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained unchanged at 4.58%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.66% to 4.64%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.63% to 3.67%.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.30% to 3.39%.

The MBA’s head of research said:

Mortgage rates were little changed last week, but remain roughly one percentage point higher than they were three months ago. Refinance application volume continues to decline, with the refinance index now more than 55 percent lower than its recent peak, reaching the lowest level in over two years.

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