The weekly data report tracking mortgage applications nationally showed a 0.7 percent drop in volume from last week's numbers, based on a seasonally adjusted composite index.[IMAGE] [COLUMN_BREAK]
On an unadjusted basis, the index decreased 0.5 percent, compared to the prior week ending March 11, 2011.
The Mortgage Bankers Association's Weekly Mortgage Applications Survey also indicated that the refinance index had increased by 0.9 percent since last week, making it the highest refinance survey since December 2010.
The purchase index decreased 4.0 percent on a seasonally adjusted basis, and just 3.2 percent when unadjusted, leaving it 15.5 percent lower than the same week one year prior.
The four week moving averages for the market, purchase, and refinance indexes show gains of 4.9 percent, 1.6 percent, and 6.6 percent respectively, based on seasonally adjusted numbers.
Activity on the refinance side increased to 66.4 percent of total applications submitted, while market share for ARMs decreased to 5.6 percent of all applications.