The mortgage market slowed last week as 30-year rates edged near 5% and points rose, the Mortgage Bankers Association said Wednesday.

The MBA's Market Composite Index slid 6.7% on a seasonally adjusted basis and 6.3% unadjusted from the prior week. The Refinance Index dropped 7.7% to its lowest level since February 11. The seasonally adjusted Purchase Index fell 4.7% and the unadjusted Purchase Index decreased 4.1% compared with the previous week, 11.4% lower than the comparable week last year.

The four-week moving average for the seasonally adjusted Market Index was down 3.3%. The four-week moving average was up 0.7% for the seasonally adjusted Purchase Index and down 5.3% for the Refinance Index.

The refinance share of mortgage activity decreased to 60.3% of total applications from 61.2% the previous week, the lowest refinance share since May 7, 2010. The (ARM) share of activity decreased to 5.9% from 6.1%.

The average contract interest rate for 30-year fixed-rate mortgages increased for the fourth consecutive week to 4.98% from 4.93%, with points increasing to 0.93 from 0.69, the highest reported since February 18. The rate for 15-year fixed-rate mortgages increased to 4.17% from 4.14% with points increasing to 1.22 from 1.09.