US mortgage applications fell during the week ending February 12, 2010 as reported in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 0.5 percent compared with the previous week.

The index measuring refinance volume fell 1.2 percent from one week earlier and the seasonal index for purchase volume fell 4.0 percent from the previous week. The unadjusted Purchase Index increased 1.0 percent compared with the previous week and was 18.4 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is up 1.1 percent. The four week moving average is down 1.2 percent for the seasonally adjusted Purchase Index but was up 1.8 percent for the Refinance Index.

The share of refinance mortgage activity decreased to 69.3 percent of total applications from 69.7 percent the previous week. The share of adjustable-rate mortgage (ARM) fell to 4.4 percent from 4.5 percent of total applications from the previous week.

The average mortgage rate for 30-year fixed-rate mortgages was unchanged at 4.94 percent, with points increasing to 1.09 from 1.06 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average mortgage rate for 15-year fixed-rate mortgages was also unchanged at 4.33 percent, with points increasing to 1.02 from 0.95 (including the origination fee) for 80 percent LTV loans.

The average mortgage rate for one-year ARMs fell to 6.67 percent from 6.68 percent, with points decreasing to 0.32 from 0.35 (including the origination fee) for 80 percent LTV loans.