According to the Mortgage Bankers Association (MBA), its Market Composite Index, a measure of mortgage loan application volume, decreased 16.2% to 658.7 from 786.0 a week earlier. Refinancing in mortgages decreased to 62.4% of total applications from 69.3% the previous week. Analysts are concerned about the negative impact of the recent rise in mortgage rates on the housing market. GMAC, a large financial services firm, has stated that the home loan volume at GMAC is now about 75% lower than a few months ago when mortgage rates hit their lows. MBA, in a separate report released yesterday, reported an increase in commercial and multifamily mortgage delinquencies during the first quarter of 2009. Jamie Woodwell, Vice President of Commercial Real Estate Research at MBA, said the delinquency rates on commercial and multifamily mortgages "are all now at levels higher than at any time since the 2001 recession." Economists believe that housing market has to stabilize for the economy to recover, and for housing market to stabilize, interest rates have to stay low.