Adjusted Apps Decline

The Market Composite Index, an overall measure of mortgage applications, fell from 737.5 to 679.1 on a seasonally adjusted basis during the week ended Oct. 21, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications increased 2.2% on the week but were down 3.7% from the level recorded a year earlier. The Purchase Index fell from 503.9 to 466.4 on a seasonally adjusted basis, while the Refinance Index declined from 2095.7 to 1916.8. The four-week moving average for the Purchase Index fell 0.9%, from 482.6 to 478.4, and the comparable average for the Refinance Index fell 2.3%, from 2078.7 to 2031.2. Refinancings represented 42.5% of total applications, down from 42.8% the previous week, while adjustable-rate mortgages accounted for 29.5%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages decreased from 6.09% to 6.06%, and points (including the origination fee) decreased from 1.29 to 1.21 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.