Mortgage applications decreased 5.6 percent from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending April 22, 2011. There was no adjustment made for Good Friday. "Purchase applications fell last week, driven primarily by a sharp decrease in government purchase applications as new, higher FHA premiums went into effect," said Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association (MBA). "This decrease reverses a 20 percent increase in government purchase applications over a four week period, which was likely driven by borrowers attempting to beat this deadline." The Market Composite Index, a measure of mortgage loan application volume, decreased 5.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.6 percent compared with the previous week. The Refinance Index decreased 0.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 13.6 percent to its lowest level since Feb. 25, 2011, driven by a 26.6 percent decrease in government purchase applications. The unadjusted Purchase Index decreased 12.8 percent compared with the previous week and was 28.8 percent lower than the same week one year ago. The four week moving average for the seasonally adjusted Market Index is down 2.4 percent. The four week moving average is down 0.8 percent for the seasonally adjusted Purchase Index, while this average is down 3.2 percent for the Refinance Index. The refinance share of mortgage activity increased to 61.6 percent of total applications from 58.5 percent the previous week. This is the highest refinance share of the month. The adjustable-rate mortgage (ARM) share of activity remained unchanged from the previous week at 6.5 percent of total applications. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.80 percent from 4.83 percent, with points decreasing to 1.01 from 1.06 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.03 percent from 4.07 percent, with points decreasing to 0.96 from 1.02 (including the origination fee) for 80 percent LTV loans. The effective rate also decreased from last week.