Adjusted Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 710.1 to 704.8 on a seasonally adjusted basis during the week ended March 4, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 11.3% on the week but were down 19.7% from the level of a year earlier. The Purchase Index rose from 440.0 to 451.7 on a seasonally adjusted basis, while the Refinance Index fell from 2281.1 to 2176.8. Refinancings represented 42.6% of total applications, down from 44.8% the previous week, while adjustable-rate mortgages accounted for 30.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages fell from 5.74% to 5.69%, and points (including the origination fee) increased from 1.19 to 1.23 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.