The Mortgage Bankers Association reported in its weekly application survey a decline in the volume of mortgage application by 14.2% during the week ending April 18. The MBA’s application index dropped to 637.6 from 743 the previous week.

The MBA's application index fell to 637.6 from 743.4 the previous week. The index was started in the March 1990 when they MBA where the value of the index was 100. A reading of 637.6 means mortgage application activity is 6.376 times higher than it was when the MBA began tracking the data.

The index was at its highest during the housing boom particularly the week ending May 30, 2003 at 1,856.7.

Refinance volume declined 20.2%, while purchase volume fell 6.4%. Refinance applications covers 49.2% of total applications compared with 53.5% a week earlier.

The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all residential retail mortgage originations each week.

Application volume fell as interest rates for fixed-rate loans moved higher.

The average interest rate for traditional, 30-year fixed-rate mortgages rose to 6.04% from 5.74% the previous week. The average rate for 15-year fixed-rate mortgages, often a popular option for refinancing a loan, increased to 5.6% from 5.27%.

The rate for one-year adjustable-rate mortgages fell to 6.93% from 7.02% the previous week.