The Mortgage Bankers Association's Market Composite Index, which measures mortgage application volume, tumbled 5.9% on a seasonally adjusted basis last week from the week before as rates rose and refinancings fell 7.2%.

The seasonally adjusted Purchase Index decreased 2.8% from the previous week; the unadjusted Purchase Index dropped 3.9% but remained 4.4% higher than the comparable week a year earlier.

The four-week moving average for the seasonally adjusted Market Index was up 0.4%, down 0.7% for the seasonally adjusted Purchase Index and up 0.8% for the Refinance Index.

The refinance share of mortgage activity decreased to 69.2% of total applications from 70.0% the previous week. The adjustable-rate mortgage(ARM) share of activity decreased to 5.9% from 6.1%.

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.57% from 4.51%, with points decreasing to 0.91 from 1.04. The rate for 15-year fixed-rate mortgages increased to 3.70% from 3.67%, with points decreasing to 1.05 from 1.06.