Adjusted Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell to 1684.6 on a seasonally adjusted basis during the week ended June 6 from a record high of 1856.7 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 13.1% on the week and 193.8% from the level recorded a year earlier. On a seasonally adjusted basis, the Purchase Index decreased from a record high of 460.5 to 418.9, and the Refinance Index fell from a record high of 9977.8 to 9046.9. Refinancings represented 76.9% of total applications, up from 76.7% the previous week, while adjustable-rate mortgages accounted for 14.0%. The average contract interest rate for 30-year fixed-rate mortgages fell from a survey-record low of 5.13% to a new low of 5.06%, and points (including the origination fee) increased from 1.41 to 1.53 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.