The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 12, 2010. The Market Composite Index, a gauge of mortgage applications in the US fell 1.9 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, the Index decreased 1.7 percent from a week earlier.

The index’s refinancing component fell 1.7 percent while the purchase decrease 2.3 percent. The unadjusted Purchase Index declined 1.8 percent compared with the previous week and was 13.9 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is up 0.8 percent. The four week moving average is up 1.1 percent for the seasonally adjusted Purchase Index, while this average is up 0.8 percent for the Refinance Index.

The refinance share of mortgage activity increased to 67.3 percent of total applications from 67.2 percent a week earlier. The adjustable-rate mortgage (ARM) share of activity decreased to 4.6 percent from 5.1 percent of total applications from the previous week.

The average rate on a 30-year fixed loan dropped to 4.91 percent, the lowest since December, from 5.01 percent the prior week, the group said.

The average rate on a 15-year fixed mortgage fell to 4.24 percent from 4.32 percent. The rate on a one-year adjustable mortgage decreased to 6.75 percent from 6.80 percent.