Adjusted Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell to 726.7 on a seasonally adjusted basis during the week ended Sept. 12 from 771.8 the week before, according to the Mortgage Bankers Association of America's Weekly Mortgage Applications Survey.On an unadjusted basis, applications were up 16.6% on the week but down 36.0% from the level recorded a year earlier. The Purchase Index increased from 408.8 to 432.4 on a seasonally adjusted basis, while the Refinance Index fell from 2883.6 to 2438.5. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.99% to 5.91%, and points (including the origination fee) decreased from 1.41 to 1.32 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mbaa.org.