Mortgage applications drop last week as market continues to struggle

The four-week moving average, a less volatile measure, for the seasonally adjusted market index is down 0.3 percent — 0.5 percent for the seasonally adjusted purchase index, 0.3 percent for refinancing. 

The refinance share of mortgage activity decreased to 69.6 percent of total applications from 70.1 percent the previous week. 

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.57 percent from 4.54 percent, with points increasing to 1.14 from 0.98 (including the origination fee) for 80 percent of loan-to-value (LTV) ratio loans. The effective rate also increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.67 percent from 3.66 percent, with points increasing to 1.08 from 0.97 (including the origination fee) for 80 percent LTV loans. The effective rate also increased from last week.