WASHINGTON — The Mortgage Bankers Association’s application index for the week that ended April 20 fell 6.6% on a seasonally adjusted basis from the week before, to 534.7.

Its purchase index dropped 2%, to 290.5, while the refinance index fell 10%, to 1954.9.

For the week, 50.7% of applications were for refinancing, down from 53.1% the week before, and 7.4%% were for adjustable-rate loans, down from 8.1%.

The average contract rate for a 30-year fixed-rate mortgage dropped 5 basis points, to 7.07%, and the average rate for a one-year adjustable-rate loan fell 16 basis points, to 5.83%.

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