The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a decrease of 3.8% in the group’s seasonally adjusted composite index, following a drop of 1.7% for the previous week.

The seasonally adjusted purchase index fell by 5% from the previous report. On an unadjusted basis, the composite index dropped by 3% week-over-week. The unadjusted purchase index is down 2% for the week and up 14% year-over-year.

The share of refinancings was unchanged last week at 77%. That is the lowest level since last July.

The average contract interest rate for a conforming 30-year fixed-rate mortgage rose from 3.78% to 3.77%. The rate for a jumbo 30-year fixed-rate mortgage decreased, from 3.94% to 3.93%. The average interest rate for a 15-year fixed-rate mortgage was unchanged at 3.03%.

The contract interest rate for a 5/1 adjustable rate mortgage remained fell from 2.66% to 2.65%.

Mortgage rates fell slightly this week, reversing a pattern of small increases. The decrease in applications is likely the reason for the drop. Applications have been declining for the past few weeks.

Later today we will get data from the Census Bureau on existing home sales. The consensus estimate calls for a rise to the seasonally adjusted annual rate from 4.92 million in January.

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