Mortgage applications decreased 4.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage survey.

The MBA’s Market Composite Index measures of mortgage loan application volume. Compared to the prior week, it dropped 4.5 percent  and 4.7 percent on an unadjusted basis. Most of the drop was driven by a decline in refinance applications, which 5 percent, though purchase applications were also down, decreasing 2 percent from one week earlier.  Refinances  made up about 81 percent of total applications, down slightly from last week.  

The average interest rate for 30-year fixed-rate mortgages remained unchanged at 3.76 percent, with points increasing to 0.47 from 0.46 for 80 percent loan-to-value ratio (LTV) loans.  The effective rate increased from last week.

The average contract interest rate for jumbo 30-year fixed-rate mortgages decreased to 4.03 percent from 4.04 percent, with points decreasing to 0.27 from 0.35 for 80 percent LTV loans.  The effective rate decreased from last week.